Pantera Capital’s Marco Santori: Solana-Focused Strategy Offers Edge Over ETFs Through DeFi Participation

Speaking during an X Space hosted by The Block on May 21, Santori explained that the firm’s shift from its roots in real estate software to a strategic accumulation of Solana earlier this year was not merely an investment pivot—it was a calculated bet on active DeFi participation outperforming passive ETF models.

“The plan in the beginning was that this was going to be a much better way to stack Solana than an ETF for a whole number of reasons, one of which is that we can do things like getting involved in DeFi,” Santori said.

Pantera Capital is a key investor in DeFi Development Corp, and Santori also sits on its board. According to him, the strategy isn’t just about holding SOL tokens—it’s about deploying them to generate returns. Unlike ETFs, which typically offer only price exposure, DeFi Development Corp seeks to increase what Santori calls the “North Star metric”: Solana-per-share.

This metric reflects not just passive appreciation but also active yield generation through treasury strategies, staking, and other on-chain revenue mechanisms.

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“Most of Wall Street didn’t know about DeFi just a while ago,” Santori added, “and now there’s this pretty straightforward vehicle by which they can access it directly — not just by buying and holding the coins, but investing in a team that’s actually going to execute.”

As of publication, DeFi Development Corp holds 400,091 SOL, following an initial $9.6 million purchase in April. In a further step to deepen its staking capabilities, the firm disclosed plans on May 5 to acquire a Solana validator business for $3.5 million, allowing for direct self-staking of its SOL reserves.

This model positions DeFi Development Corp as both a capital allocator and an on-chain operator—something that Santori believes could set a new standard for crypto-native investment strategies.

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