Pantera Capital Raising Funds to Acquire $250 Million Worth of Solana (SOL) from FTX
Crypto asset manager Pantera Capital is reportedly seeking funds to finance the purchase of smart contract platform Solana (SOL) from bankrupt crypto exchange FTX. According to Bloomberg, Pantera aims to buy $250 million worth of SOL from the failed digital asset exchange.
Details of the Acquisition
In February, Pantera sent marketing materials to prospective investors outlining the terms of the acquisition. Investors who participate in the funding round would be able to purchase SOL at 39% of its 30-day average price. However, they would have to commit to holding the digital asset for a minimum of four years.
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Current Status and Price Performance
As of now, Solana is trading at $147, representing a 14.2% increase in the last 24 hours. The token has experienced a remarkable surge of over 600% in value over the past year.
Funding Requirements
To participate in the fundraising effort, investors would need to contribute at least $25 million in funding.
Delays in Fundraising
Pantera initially aimed to secure the necessary funds by the end of February. However, they were unable to meet this target. While an undisclosed amount has been raised so far, the total funding goal has not been achieved.
Previous Transfer of Solana Assets
In December, it was discovered that $90 million worth of Solana potentially linked to FTX had been unstaked and transferred to Coinbase, a leading US-based crypto exchange platform.
FTX’s Solana Holdings
In September, court documents revealed that FTX, which filed for bankruptcy in November 2022 following allegations of fraud and mishandling of customer funds against its founder Sam Bankman-Fried, held over $1.16 billion worth of Solana at the time.
Legal Proceedings Against Sam Bankman-Fried
Sam Bankman-Fried was found guilty last year and is currently awaiting sentencing.
Hot Take: Pantera Capital’s Ambitious Move to Acquire Solana (SOL) from FTX
Pantera Capital’s efforts to secure funds for the acquisition of Solana (SOL) from bankrupt exchange FTX demonstrate their confidence in the potential of this smart contract platform. With an impressive price performance and significant holdings by FTX, Solana has become an attractive investment opportunity in the crypto market.
