Pantera Capital, a prominent cryptocurrency asset management firm with assets totaling $5.2 billion, is actively seeking investments from contributors to purchase Solana (SOL) tokens at a significant markdown from FTX’s holdings.
According to reports from Bloomberg Intelligence, Pantera Capital aims to acquire up to $250 million worth of SOL tokens from FTX’s assets, offering investors a chance to purchase SOL at a 39% discount from its 30-day average price, set at $59.95. However, this discounted purchase comes with a vesting term of up to four years.
The move aims to provide liquidity to FTX’s liquidators, allowing them to divest SOL assets without immediately impacting the token’s market price. FTX, the bankrupt exchange, currently holds 41.1 million SOL coins, valued at $5.4 billion at the latest market closing, representing approximately 10% of SOL’s total market circulation.
Solana has experienced a remarkable rally of over 600% in the past year, presenting a lucrative opportunity for FTX’s creditors to mobilize funds for settlement. Despite FTX’s collapse in November 2022, SOL’s market price has quadrupled since then, with FTX’s co-founder and ex-CEO, Sam Bankman-Fried, having played a significant role in supporting the Solana ecosystem.
However, Pantera Capital is not the sole party eyeing this investment opportunity. Phoenix Digital LLC, a New York-based investment fund, is also in pursuit of a deal to acquire SOL from the FTX estate, offering $64 per token, representing a 51% markdown from its recent market value.
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