Pantera Capital has identified Solana as having significant growth potential compared to Bitcoin and Ethereum. As of September 19, 2025, Solana is gaining traction among consumers, fintech firms, and institutions, with major companies like Stripe and PayPal developing applications on its blockchain. Despite its smaller market cap—1/20th of Bitcoin's and 1/4th of Ethereum's—Solana leads in key usage metrics, suggesting a greater asymmetric upside potential. Currently, institutional allocation to Solana is less than 1% of its total supply, in contrast to 16% for Bitcoin and 7% for Ethereum. The absence of a SOL ETF and limited public company holdings further highlight its untapped potential. Pantera Capital emphasizes that while Bitcoin and Ethereum have established narratives, Solana's growth story is just beginning.