Pantera Capital Seeks Funding to Acquire Solana from Bankrupt FTX Estate
Crypto asset manager Pantera Capital is looking for major investors to provide funding for the purchase of Solana (SOL) tokens at a discounted rate from the bankrupt FTX estate. SOL, often referred to as a “Sam Coin” due to its connection to disgraced crypto boss Sam Bankman-Fried, saw significant investments and promotion before FTX’s collapse in November 2022. Pantera Capital aims to acquire up to $250 million worth of SOL tokens from FTX through its Pantera Solana Fund.
Discounted Purchase with Long-Term Lockup
Investors have the opportunity to buy SOL tokens at a discount of 39% below the average price of the last 30 days (or at $59.95). However, they must wait for up to four years before they can sell them, according to a Bloomberg report. This strategy allows FTX liquidators to gradually sell SOL tokens without causing market pressure. The bankrupt estate currently holds 41.1 million SOL coins valued at $5.4 billion.
Bankman-Fried’s Involvement and Solana’s Price Performance
Sam Bankman-Fried and his companies held nearly $1.2 billion worth of SOL tokens and associated assets in June 2022. However, when FTX collapsed, investors quickly sold off Solana, resulting in an $8 billion loss. The token’s price plummeted by over 60% during the exchange’s downfall but has since rebounded significantly, surging by over 680% in the past year and trading at around $144.24 as of Friday.
Hot Take: Pantera Capital Seeks Discounted Acquisition of Solana
Pantera Capital, a crypto asset manager, is actively seeking funding from major investors to acquire Solana (SOL) tokens at a discounted rate from the bankrupt FTX estate. This move presents an opportunity for investors to participate in the potential upside of SOL while obtaining it at a lower price. However, they must be willing to wait for up to four years before being able to sell the tokens. This strategy allows FTX liquidators to gradually sell SOL tokens without creating excessive market pressure. It will be interesting to see how this acquisition unfolds and how it may impact the overall market for SOL tokens.
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