Pantera Capital Eyes Discounted Solana Tokens Amid FTX Bankruptcy, as SOL Rises 15%

Pantera Capital has announced its intention to raise funds for the acquisition of Solana (SOL) tokens valued at up to $250 million. These tokens are part of the assets held by the now-bankrupt FTX exchange. Pantera’s initiative, named the Pantera Solana Fund, is designed to facilitate this significant purchase at a rate that is strikingly below the current market value.

The investment firm has set its sights on a purchase price of $59.95 per SOL token, which is approximately 57% lower than the prevailing market rate of about $142 per token. This discounted rate is part of a strategic move to capitalize on the financial distress of FTX. With FTX’s estate reportedly in possession of about 41 million SOL tokens, estimated to be worth around $5.4 billion and accounting for 10% of the total circulating supply of Solana, Pantera’s acquisition could have a significant impact on the market.

Prospective investors in the Pantera Solana Fund are being asked to commit to a four-year vesting period, during which they will not have the liberty to liquidate their holdings. Additionally, the fund will impose a 0.75% management fee and a 10% performance fee, aligning the interests of the fund managers with those of the investors.

Implications for FTX’s Creditors

The sale of these discounted SOL tokens to Pantera Capital could inject much-needed liquidity into FTX’s estate. This would enable the liquidators to commence the process of compensating the creditors and users who were financially impacted by the exchange’s collapse. In a related development, FTX has been exploring various avenues to recover assets for its creditors, including a recent authorization to sell over $1 billion in shares of Anthropic, an AI firm.

Source: Coingecko

The Solana token has seen a surge in its price, with a 15% increase in the last 24 hours, trading at $147. This uptick is also reflected in a 10% gain over the past week, as reported by CoinGecko. The proposed Pantera Solana Fund presents an intriguing investment opportunity, especially in light of the ongoing restructuring efforts of FTX’s estate.

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