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Pantera Capital, a leading cryptocurrency investment firm with $5.2 billion under management, is actively seeking to acquire $250 million of Solana (SOL) tokens from the holdings of the bankrupt FTX.
🚨Investment News: @PanteraCapital is actively raising funds with the intention of purchasing significant $SOL holdings from the #FTX estate. This strategic move indicates #PanteraCapital's confidence in #Solana's potential pic.twitter.com/Ox8AvtFmPi
— Paweł Łaskarzewski (@PawelSynapse) March 7, 2024
Pantera aims to secure these tokens at a significant markdown, targeting a purchase price 39% below SOL’s 30-day average, which equates to $59.95 per token.
This acquisition strategy, however, includes a commitment: Pantera would need to agree to a holding period of up to four years post-purchase.
This investment maneuver was outlined in a promotional document for a Pantera Solana Fund distributed to prospective investors in February, as reported by Bloomberg.
FTX downfall in 2022
FTX’s downfall in November 2022, precipitated by a liquidity crisis involving itself and affiliate Alameda Research, shook the crypto world.
Attempts to salvage FTX through a sale to Binance collapsed, leading to FTX’s Chapter 11 bankruptcy filing and the resignation of its founder, Sam Bankman-Fried.
In a move to mitigate losses, a bankruptcy court in September authorized the FTX estate to sell off $3.4 billion in Bitcoin, Ethereum, and Solana assets, stipulating a maximum of $100 million in sales per week.
FTX still holds over 41 million SOL token
According to the marketing document reviewed by Bloomberg, Pantera estimates FTX still holds over 41 million SOL tokens.
Given current market values, this suggests FTX’s Solana assets approximate $5.8 billion.
This represents about 7% of Solana’s total token supply and 9% of its circulating supply.
The Solana community has reportedly responded positively to Pantera Capital’s investment proposal.
The post Pantera eyes $250 million of Solana holdings from bankrupt FTX at markdown appeared first on Invezz
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