Pantera Capital to Buy Millions of Solana Tokens from FTX

Crypto asset manager Pantera Capital is in the process of raising funds for a unique investment opportunity involving Solana tokens.

As reported by Bloomberg on March 7th, Pantera Capital aims to acquire discounted SOL tokens from the bankrupt FTX exchange through its newly launched Pantera Solana Fund.

The initiative seeks to purchase up to $250 million worth of SOL tokens from the distressed FTX estate, with a discount of approximately 39% off the market rate, currently estimated at around $59.95 based on a 30-day average price.

Investors interested in participating in this venture are required to commit to holding their assets for up to four years, subject to a 0.75% management fee and a 10% performance fee imposed by Pantera.

Although the funding round was originally scheduled to conclude by the end of February, Pantera Capital has managed to secure a portion of the funds ahead of schedule, although the exact amount remains undisclosed according to a confidential source cited by Bloomberg.

This strategic acquisition approach allows FTX liquidators to replenish their funds without causing significant fluctuations in SOL’s market price. At the time of FTX’s collapse, Solana constituted 34.2% of its holdings, with Bitcoin and Ethereum collectively accounting for 22.1%.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.