**Pantera Capital Raising Funds to Acquire Discounted Solana Tokens from FTX Estate**
Pantera Capital is currently in the process of securing funds from major investors to acquire heavily discounted Solana (SOL) tokens from the bankruptcy estate of FTX. The company is raising capital for the Pantera Solana Fund, which offers an attractive opportunity to purchase up to $250 million worth of SOL tokens from the FTX estate.
**Investors Offered Discounted SOL Tokens with Vesting Period**
Marketing materials obtained by Bloomberg reveal that investors will have the option to buy SOL at a price 39% below the 30-day average or at $59.95. However, in exchange for this option, investors will need to commit to a vesting period of up to four years.
**Pantera Aims to Close Fund by February**
According to the investor pitch, Pantera initially aimed to finalize the closure of the fund by the end of February. Although the exact dollar amount raised has not been disclosed, a source familiar with the matter mentioned that the $5.2 billion crypto-focused asset manager managed to raise some funds by the deadline.
**FTXโs Bankruptcy and Solana Holdings**
FTX entered Chapter 11 bankruptcy proceedings in US courts in November 2022 and currently holds 41.1 million SOL coins, valued at $5.4 billion as of Wednesdayโs closing price. This accounts for about 10% of the total SOL supply.
**Panteraโs Proposal Benefits FTX Liquidators and Avoids Immediate Price Pressure**
The latest proposal from Pantera would allow FTX liquidators, led by John J. Ray III, to sell SOL tokens and generate funds for creditors while avoiding immediate pressure on the tokenโs price.
**Investor Requirements and Fees**
Investors must contribute a minimum of $25 million each, with the understanding that they will receive initially restricted SOL tokens that will unlock over a four-year period. Pantera also plans to implement a management fee of 0.75% and a performance fee of 10%, as outlined in the materials.
**Solana and FTXโs Relationship**
Sam Bankman-Fried, the founder of FTX, has shown significant support for Solana and has actively endorsed projects within its ecosystem. His enterprises have accumulated substantial amounts of SOL tokens from both the Solana Foundation and Solana Labs.
Bankman-Fried also initiated Serum, a decentralized exchange established on Solanaโs blockchain, and has provided investment in various projects operating on the network. As a result, SOL was one of the biggest losers after FTX filed for bankruptcy.
**Solana Foundationโs Holdings on FTX**
The Solana Foundation had approximately $1 million in cash or cash equivalents held on FTX.com when the trading platform halted customer withdrawals in early November. This amount represented less than 1% of the foundationโs total cash or cash equivalents, and there were no SOL tokens held in custody on the exchange.
In conclusion, Pantera Capital is raising funds to acquire discounted SOL tokens from the bankruptcy estate of FTX. Investors have the opportunity to purchase SOL at a price below the average or at $59.95, with a vesting period of up to four years. This proposal benefits FTX liquidators by generating funds for creditors without immediate price pressure. Pantera aims to close the fund by February and requires investors to contribute a minimum of $25 million each. The relationship between Solana and FTX has been significant, with FTX founder Sam Bankman-Fried endorsing projects within Solanaโs ecosystem and accumulating substantial amounts of SOL tokens. The Solana Foundation had a small amount of cash held on FTX.com at the time of its customer withdrawal halt, but no SOL tokens were held on the exchange.
**๐ฅ Hot Take: Pantera Capital Seeks Discounted SOL Tokens from FTX Estate**
Pantera Capitalโs move to secure funds for the Pantera Solana Fund presents an exciting opportunity for investors to acquire heavily discounted SOL tokens. By raising capital to purchase up to $250 million worth of tokens from the FTX estate, Pantera aims to benefit both its investors and FTX liquidators. With a vesting period of up to four years, investors have the chance to buy SOL at a price significantly below the average. This strategic move by Pantera showcases their confidence in Solanaโs potential and demonstrates their commitment to seizing investment opportunities in the crypto market.
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