Pantera Capital founder and managing partner Dan Morehead has revealed that Solana now represents the firm’s largest crypto holding, underscoring the blockchain’s growing prominence in the digital asset market. Speaking on CNBC’s Squawk Box with Andrew Ross Sorkin on Monday, Morehead disclosed that Pantera holds $1.1 billion worth of Solana — roughly 23% of its $4.7 billion in assets under management.
Morehead rejected the notion that the crypto sector will produce a single dominant winner, likening the future of blockchain to the diversity of the internet economy.
“It’s not like there’s a winner-take-all on the internet,” he said. “We have lots of different internet companies. There will be lots of blockchains that are important, but our biggest position is Solana.”
Pressed on how many networks might survive long term, Morehead predicted a “single-digit” number of leading Layer 1 blockchains — naming Bitcoin, Ethereum, and Solana as examples — rather than thousands of competing protocols.
Solana’s Growing Appeal
Pantera’s commitment to Solana marks a shift from its earlier focus on Bitcoin and Ethereum. Morehead highlighted Solana’s high-speed performance, capable of processing up to 9 billion transactions per day — a figure he said exceeds the combined daily volume of all global capital markets. While he acknowledged that new technologies could still emerge, Morehead suggested Solana currently stands out as a leading platform.
Pantera has also invested heavily in other blockchain projects. In May 2024, it made what it called its “largest-ever investment” in TON, the cryptocurrency linked to the Telegram messaging app. However, the price of TON has since dropped about 60% following the end of a popular mini-game trend that drove earlier demand.
Expanding Retail Access
Morehead emphasized the firm’s latest initiative to make crypto more accessible to everyday investors. Earlier Monday, Pantera announced it would co-lead a $500 million private investment in public equity (PIPE) alongside Summer Capital in Helius Medical Technologies. The Nasdaq-listed company plans to launch a Solana treasury vehicle, providing mainstream investors an easier path to gain exposure to Solana — which currently lacks an exchange-traded fund (ETF). Helius shares surged 142% by Monday’s close following the news.
“For 12 years, we’ve been trying to provide access, but it’s normally to very institutional investors,” Morehead said. “This is the first product we’ve ever offered that you can just go buy at your brokerage account. So it allows access to cryptocurrencies to kind of normal investors.”
Broader Crypto Market Outlook
While Pantera is betting on Solana’s long-term upside, Morehead also reiterated his bullish view on Bitcoin, estimating it could reach $750,000 within the next four to five years as it still accounts for only a “single-digit percentage of global wealth.” With Solana valued at roughly 5% of Bitcoin’s market cap, he expects it to outperform over time.
Later in the day on CNBC’s Closing Bell, Fundstrat’s Tom Lee added his perspective on the broader crypto market. Lee argued that if the Federal Reserve cuts interest rates as expected, Bitcoin and Ethereum could be among the biggest beneficiaries alongside growth-heavy sectors like the Nasdaq 100 and small-cap stocks. He described the current bull market as “mid-cycle” and projected a potential “monster move” for digital assets over the next three months, citing stronger monetary liquidity and seasonal trends.
