Pantera Capital Eyes $250M Purchase of Solana Tokens from Bankrupt FTX Exchange
Summary:
Pantera Capital is raising funds to acquire up to $250 million worth of Solana (SOL) tokens from the bankrupt FTX exchange. The SOL tokens are proposed to be sold for $59.95 each, significantly lower than the current market value. The FTX estate possesses around 41.1 million SOL tokens, equating to about 10% of the total Solana supply. Additional details are being awaited as the story continues to unfold.
Pantera Capital, a leading player in cryptocurrency investment management, is reportedly pooling resources to purchase Solana (SOL) tokens belonging to the insolvent FTX exchange. Pantera intends to garnish as much as $250 million in SOL tokens via its dedicated Pantera Solana Fund, according to promotional documents shared with potential investors, as seen by Bloomberg. The firm's proposition involves acquiring a fraction of FTX’s SOL assets at $59.95 per token, a figure considerably less than today's market value of $142 per token. Prospective participants in Pantera’s venture are required to adhere to a maturation period of up to four years. Based on the information presented in Pantera’s pitch deck, the FTX estate harbours 41.1 million SOL coins, valued around $5.4 billion, which represents roughly 10% of the entire Solana token circulation. Solana's SOL token experienced a 2.51% increase in the 24 hours leading up to 11:47 a.m. UTC, trading at $142.51. The coin has shown an impressive growth with over 10.5% gain on a weekly basis and a 49.7% spike on the monthly chart, as chronicled by CoinMarketCap data.SOL/USD, 1-month chart. Source: CoinMarketCap Additional updates on this unfolding story are forthcoming.
Published At
3/7/2024 2:56:11 PM
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