Pantera Plans To Acquire $250 Million Worth Of SOL Tokens

Pantera Capital, a firm specializing in crypto asset management, reportedly seeks funds to acquire Solana tokens held by the estate of the bankrupt FTX exchange. The Pantera Solana Fund aims to secure investments of up to $250 million in SOL tokens, as detailed in marketing materials provided to potential investors.

Buying SOL

Pantera intends to purchase a portion of the FTX SOL holdings at a rate of $59.95, which represents a 57% discount relative to its price of $142 per token at the time of writing. Investors considering this opportunity must commit to a vesting period of up to four years. The FTX estate reportedly holds approximately 41.1 million SOL tokens, valued at around $5.4 billion, equivalent to roughly 10% of the total supply of Solana tokens.

Over the 24 hours preceding 11:47 A.M. UTC, SOL experienced a 2.51% increase in value, trading at $142.51. On a weekly basis, the token saw a rise of over 10.5%, and on a monthly basis, it increased by 49.7%, according to data by CoinMarketCap. Pantera aimed to finalize the fund by the end of February, with a minimum investment requirement of $25 million by each investor, as outlined in the presentation. The fund management fee is set at 0.75%, with a 10% performance fee.

Nearing The End

The potential sale would enable FTX liquidators to commence repayments to investors of the defunct crypto exchange. FTX and Alameda reached a tentative settlement with BlockFi to resolve their disputes, involving FTX agreeing to pay up to $874.5 million to BlockFi and dropping its claims against the firm.

This settlement would resolve the claims made by BlockFi against FTX, amounting to approximately a billion dollars, and also involve FTX waiving millions of dollars of avoidance claims and other counterclaims against BlockFi.

FTX is in the final stages of its bankruptcy proceedings, with plans to fully reimburse billions of dollars to its customers. As part of its efforts to recover funds for creditors, the company received approval on Feb. 22 to divest more than $1 billion in shares in the artificial intelligence company Anthropic.