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Pantera Capital x Solana

March 7, 2024

Pantera Capital, the $5.2 billion crypto asset manager, is gathering funds from major investors to purchase deeply discounted Solana tokens from the bankrupt FTX digital asset exchange.

On March 7, it was revealed that Pantera is seeking funds for the Pantera Solana Fund, which has an “opportunity” to acquire up to $250 million worth of SOL tokens from the FTX estate. Investors are offered the option to buy SOL at a 39% discount below the 30-day average price or at $59.95, with a vesting period of up to four years.

Proposals like Pantera’s could allow FTX liquidators to sell SOL and provide funds for creditors without immediate pressure on the token’s price. The estate holds 41.1 million SOL coins, valued at $5.4 billion, equivalent to roughly 10% of the total supply. Following the news, SOL's price surged by as much as 14% on Thursday and crossed the critical mark of $142.

FTX estate and Pantera’s communications department declined to comment immediately.

SOL has risen nearly 650% over the past year amid the crypto bull market, offering the FTX estate an opportunity to repay creditors. The coin is currently trading at nearly four times its price when FTX collapsed in November 2022. FTX’s co-founder and former CEO Sam Bankman-Fried, facing multiple counts of fraud, was a key supporter of the Solana network.

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