Pantera Capital is actively seeking investment from donors to purchase Solana tokens at a reduced price from FTX holdings.
Pantera Capital is a cryptocurrency-focused asset management firm with total assets of $5.2 billion. The company seeks to acquire up to $250 million in SOL tokens from FTX assets. The information comes from a promotional document distributed in February to potential backers, as reported by Bloomberg Intelligence.
Participating investors can purchase SOL at a 39% reduction from its 30-day average cost, specifically $59.95, provided they adhere to a vesting period of up to four years. Solana is currently trading above $145.
This allows FTX’s liquidator to sell SOL assets to create liquidity for creditors without immediately affecting the market price of the token. According to Pantera’s investment overview, the bankrupt exchange held 41.1 million SOL coins worth $5.4 billion as of the latest market close, or about 10% of SOL’s total market circulation.
During the recent bull market, Solana rose more than 600% in just one year. This surge presents the best opportunity for insolvent exchanges to mobilize funds to settle creditor obligations. In particular, since the collapse of FTX in November 2022, the coin’s market price has quadrupled. FTX co-founder and former CEO Sam Bankman-Fried, who is currently awaiting sentencing, has been a huge supporter of the Solana ecosystem.
But Pantera Capital is not alone in recognizing this investment potential. Phoenix Digital LLC, a New York-based investment fund, is also pursuing a deal to acquire SOL from FTX Real Estate. The company is offering $64 per token, a 51% discount from its recent market value.