Pantera CEO Sees Bitcoin, Ethereum, and Solana Leading Next Major Crypto Rally

Bitcoin’s next major rally could take it well beyond previous highs, according to Pantera Capital CEO Dan Morehead. In a recent interview with CNBC, Morehead outlined a long-term view that envisions Bitcoin reaching $750,000 within five years. He also predicted a sharp consolidation across the blockchain industry, led by Bitcoin, Ethereum, and Solana. His remarks coincided with new investment initiatives centered on Solana’s growing market position.

Bitcoin Could Surpass $1 Million, Says Pantera Capital’s Dan Morehead

Morehead framed his bullish outlook within a broader thesis that only a few base-layer blockchains—led by Bitcoin, Ethereum, and Solana—will endure. He rejected the notion that a single blockchain will dominate the market, arguing instead that the industry will consolidate around a handful of strong layer-one networks.

According to Morehead, Bitcoin, Ethereum, and Solana are among the few expected to maintain long-term relevance as most other chains fade away. He emphasized that Bitcoin’s upside is not driven by short-term speculation but by its gradual integration into mainstream investment portfolios.

Morehead expects Bitcoin, currently trading at $114,768, to reach $750,000 within four to five years. He also predicted that Bitcoin could surpass $1 million over a longer time horizon. The forecast builds on Pantera’s consistent stance since launching what it calls the first institutional Bitcoin fund in 2013.

Morehead likened Bitcoin’s role in the global economy to that of “digital gold,” serving as both a store of value and a macro hedge. He argued that Bitcoin’s scarcity and decentralized nature make it an attractive alternative to traditional assets, especially as institutional participation continues to expand.

Ethereum and Solana Set to Dominate Blockchain Growth, Pantera CEO Predicts

While reaffirming his long-term confidence in Bitcoin, Morehead emphasized that Ethereum and Solana also hold durable positions within the blockchain ecosystem. “Ethereum anchors programmability,” he said, describing it as the foundation for tokenization, decentralized finance (DeFi), and digital identity.

Morehead noted that Solana has established itself as a high-performance blockchain capable of supporting large-scale applications—and has even outperformed Bitcoin over the past four years. 

He added that the network could handle “9 billion transactions a day,” surpassing the throughput of traditional financial systems. According to Morehead, Solana’s combination of speed and low transaction costs has advanced to a point where “it’s not obvious you need a next thing” for on-chain financial applications.

Pantera’s New Solana Fund Targets Institutional Investors Locked Out of ETFs

The interview also highlighted Pantera’s latest move to provide investors with exposure to Solana through a new public markets vehicle. The fund offers direct, unlevered exposure to SOL, while also capturing staking yields for equity investors. Morehead described the structure as a “digital asset treasury”, designed for investors who may not have access to a spot Solana ETF.

In his view, the absence of a spot Solana ETF in the U.S. makes Pantera’s new vehicle a practical alternative for investors seeking market exposure. The fund simplifies participation by automating validator selection and staking rewards.

Right now there’s no [spot US] ETF [for Solana]. It’s very difficult to get. For people with a brokerage account, this is the easiest way to get access.

Dan Morehead

Pantera’s initiative follows a broader 2025 trend of public companies creating listed vehicles that hold major crypto assets with staking components. These structures allow investors to gain indirect exposure to digital assets while navigating the current limitations of the U.S. ETF market.

Helius Secures $500M Build Solana-Backed Treasury Fund

Prior to Morehead’s remarks, Helius Medical Technologies announced an oversubscribed $500 million financing round, led by Pantera and Summer Capital, to launch a Solana-backed treasury strategy. 

The deal includes an additional $750 million in warrants, potentially expanding the vehicle’s size to about $1.25 billion. Helius said it plans to use its Solana reserves for staking and other conservative yield strategies.

When asked to compare Ethereum and Solana, Morehead said he expects both networks to remain key players in the long term. He believes the market will consolidate around a few major blockchains, each serving specific roles within the digital asset ecosystem.

Morehead characterized Bitcoin as the market’s primary store of value and macro hedge, and Ethereum as the leading platform for settlement and decentralized applications. He also labeled Solana as the network optimized for high-speed consumer and trading activity. The CEO emphasized that while several blockchains will remain relevant, only a select few are likely to dominate over the long term.