Here is Why Solana Could Outperform Bitcoin and Ethereum

Solana does not need a three-piece suit to convince. The network is advancing, fast, and sometimes against the usual crypto habits. Pantera Capital says it bluntly: we are approaching a tipping point. The market, perhaps, has not yet adjusted its glasses.

Pantera, the timing and the new adoption cycle

Unlike Bitcoin, whose network is already running at full speed , and Ethereum, now supported by a series of ETFs and listed on the balance sheets of large companies, Solana remains largely underrepresented in institutional portfolios. Less than 1% of its supply is held by professional players, compared to about 16% for BTC and 7% for ETH. In other words: the highway remains wide open.

For Pantera Capital , adoption is not just about logos on brochures. It is measured by use cases. Stripe and PayPal are building on Solana. This is not an empty statement: it is a signal about the relevance of the network for real-world flows.

Finally, the potential trigger. There is not yet an ETF on Solana. It is a weakness… and perhaps the biggest free option at the moment. If approval comes, demand could overflow the current channels, and the institutional allocation gap could close abruptly. A natural transition to the thorny and fascinating topic: cash management in SOL.

SOL Treasuries: yield, throughput and snowball effect

Let’s start with the yield. SOL staking typically pays 7 to 8% gross. ETH runs at about 3 to 4%. BTC, zero. For a corporate treasury, the difference is not cosmetic: it creates a reinvestable cash flow, increases the net asset value faster, and better smooths out cycle troughs.

Moving on to throughput. Solana handles more user interactions and transactions than most of its peers. This is not just a technical feat. It’s about user comfort: low fees, fast finality, broader experimentation surface. For a company wanting payments, coupons, points, utility NFTs… less friction means more adoption.

Let’s add market dynamics. SOL is historically more volatile: about 80% versus 40% for BTC and 65% for ETH. Useful paradox: this volatility makes some financing tools cheaper and allows faster token accumulation when the strategy is well calibrated. Expected result: potentially higher risk-adjusted returns for well-managed treasury vehicles. Which brings us to the concrete example of the moment.

Case study and catalysts: Helius, ETF and under-allocation

Let’s look at Helius Medical Technologies. The company, listed on Nasdaq, raised more than $500M through an oversubscribed PIPE. Share price: $6.88 (or $6.881 if we keep three decimals). Warrants exercisable at $10.13 (or $10.134). The plan: to buy SOL as the main reserve asset and structure a treasury vehicle backed by the network. Message sent: the “SOL treasury” thesis is no longer theoretical.

Back to the macro view. Five public companies hold SOL today. That’s few. It is also proof that the institutional adoption curve is just starting. If an ETF on Solana is approved, the bridge to traditional mandates opens, and under-allocation becomes a mechanical catch-up opportunity.

Let’s end with useful caution. Nothing erases the risk: volatility remains high, governance evolves, and the ecosystem must continue to keep pace. But the combination is rare: competitive yield, massive throughput, “real world” traction, and a pipeline of potential demand still inactive. In short: if 2024 consecrated the BTC-ETH duo on the institutional side, 2025 could well be the year Solana scales up. And this time, the surprise could come from the asset that did not yet have an ETF .