Cosmo Jiang of Pantera says Solana has become the firm’s largest exposure because he sees it as an asymmetric bet with Bitcoin-like upside, supported by faster/cheaper rails, a growing real-revenue ecosystem, and improving U.S. crypto regulation. He argues recent crypto weakness is mostly a mix of OG profit-taking, cycle psychology, and the October 10 liquidation event, while DATs are being overblamed relative to the actual token drawdowns.
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This Real Vision interview from Solana Breakpoint in Abu Dhabi features Arthur Osiński speaking with Cosmo Jiang, a general partner at Pantera Capital. Jiang argues that Solana is Pantera’s largest exposure because the firm believes it has asymmetric upside similar to Bitcoin in 2013, but with a more active ecosystem today. He emphasizes Solana’s speed, low cost, accessibility, and the presence of applications generating real users and revenue that ultimately accrue value to the token. The conversation then broadens into the state of crypto in 2026. Jiang says the biggest 2025/2026 shift is regulatory: U.S. stablecoin legislation and market-structure legislation could unlock innovation by reducing the fear around token launches and protocol development, especially for U.S.-based developers and capital allocators. …
Crypto may stay choppy through year-end as liquidation scars, profit-taking, and sentiment around DATs linger. The immediate tape looks vulnerable to another volatility spike if macro headlines hit when traditional markets are shut.
Over the next few months, the market likely trades the combination of regulatory progress and post-shock digestion; if U.S. legislation advances and forced selling stays contained, the tone should improve. Solana remains the clearest relative winner in Pantera’s framing, but broad crypto leadership may rotate as institutions absorb supply.
The structural thesis is that crypto is transitioning from a retail-led experiment into an institutionally owned, regulation-enabled asset class with broader utility. If that regime shift continues, the big winners should be networks and applications with real users, cash flows, and embedded coordination value—Solana being Pantera’s current preferred expression.
Solana is Pantera’s largest exposure because the firm sees asymmetric upside similar to Bitcoin in 2013.
Direct statement of portfolio positioning and conviction.
Solana is attractive because it is faster, cheaper, and more accessible than traditional rails and many blockchains.
Explains the fundamental use-case advantage Jiang cites.
Upcoming U.S. stablecoin and market-structure legislation could unlock innovation by making developers and capital allocators feel safe enough to launch tokens and protocols.
This is the main regulatory catalyst he emphasizes.
What makes Solana special from Panta Capital's perspective?
Cosmo explains that Panta Capital seeks to invest in the most disruptive technologies and blockchains of the future. Solana is now their largest exposure because they believe it has asymmetric upside similar to Bitcoin in 2013. From a fundamental value perspective, Solana is faster, cheaper, more accessible than traditional financial rails and other blockchains, and has a vibrant, cash-flow-producing ecosystem with applications that generate real revenue.
Despite all the bullish news and regulatory changes in 2025, why has crypto underperformed?
Cosmo cites a changing of the guard: OG Bitcoiners who hit $100k took profits and feel it's no longer their Bitcoin as institutions like BlackRock's ETF drive growth. He compares it to the investor rotation in IPOs from early venture to public market investors. Additionally, the four-year cycle belief among crypto participants creates self-fulfilling selling pressure.
Do you think the four-year cycle theory is at play here as well?
Cosmo doesn't personally believe in the four-year cycle, noting his personal P&L from traditional markets also showed a four-year pattern tied to macro events (Eurozone debt crisis 2012, Brexit 2016, COVID 2020). He argues the cycle is wrongly attributed to Bitcoin's halving and is really a broader macro cycle. However, he acknowledges the belief itself is a market force if most participants think it's a four-year cycle, it becomes self-fulfilling.
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