Pantera eyes $250 million in discounted Solana tokens from FTX estate Pantera eyes $250 million in discounted Solana tokens from FTX estate
Pantera aims to add $250 million worth of SOL to their portfolio from FTX.
1 min read
Updated: Mar. 7, 2024 at 2:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto-focused asset manager Pantera Capital is raising funds to buy discounted Solana tokens from the bankrupt FTX exchange, Bloomberg reported on Mar. 7.
According to the report, the company initiated the Pantera Solana Fund to acquire up to $250 million of SOL tokens from the distressed FTX estate. This move entails purchasing SOL at a discounted rate of approximately 39%, pegged at around $59.95 based on a 30-day average price.
Investors interested in this opportunity must commit to holding their assets for up to four years, during which Pantera plans to impose a 0.75% management fee and a 10% performance fee.
Although the funding round was slated to conclude by the end of February, Pantera managed to secure a portion of the funds, the exact amount of which remains undisclosed, according to a confidential source cited by Bloomberg.
Notably, this acquisition strategy enables FTX liquidators to bolster their funds without undue influence on SOL’s market price. At the time of FTX’s collapse, Solana comprised 34.2% of its holdings, with Bitcoin and Ethereum collectively accounting for 22.1%.
Solana’s price movement
Between Mar. 6 and Mar. 7, Solana experienced a significant surge in value. Solana’s native SOL token is currently hovering at around $145, marking an approximate 15% increase, according to CryptoSlate’s data.
This continues an impressive run that has seen SOL gain 360% in the past year, primarily driven by the overall positive market momentum surrounding the introduction of spot Bitcoin exchange-traded funds (ETFs) in the US that propelled BTC’s price to new record highs.
Meanwhile, this upward momentum has attracted new investors to its ecosystem, further bolstering liquidity and growing interest in its blockchain technology.
Moreover, DeFi activities on the Solana blockchain are witnessing a resurgence, with the total value of assets locked on the network nearing $3 billion. This milestone marks the highest level since May 2022, according to data from DeFillama.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Pantera Capital
Pantera Capital is an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto assets..
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
