Loading popular tokens...

SOL Breaks $150 as Pantera Capital Eyes Discounted Solana Purchase from FTX Bankruptcy Estate

News of Pantera's potential Solana acquisition from FTX fuels a surge in SOL's price, hinting at investor confidence in the cryptocurrency's future.

March 8, 2024 by Sheldon

Pantera Capital, a prominent crypto hedge fund with $5.2 billion in assets under management, seeks investor funds to potentially acquire Solana (SOL) tokens from the bankrupt FTX exchange at a discounted price, per the documents seen by Bloomberg.

The proposed Pantera Solana Fund seeks to raise capital to purchase up to $250 million in SOL tokens. Pantera's target price is reportedly $59.95, representing a significant discount from SOL's current price of around $149. Investors agreeing to participate in this opportunity would face a vesting period potentially lasting up to four years.

FTX's SOL Stash

According to Bloomberg's reporting, FTX's holdings include a substantial amount of SOL—approximately 41.1 million tokens. This represents a sizable 10% of the total Solana circulating supply and is estimated to be worth $5.4 billion. The potential sale of these tokens could offer FTX liquidators a crucial source of funds to compensate investors impacted by the exchange's bankruptcy.

SOL's Positive Price Action

The news of Pantera's potential SOL acquisition has buoyed the token's price, which is currently experiencing a 15% surge. This favorable market reaction could indicate investor confidence that a long-term lock-up on a large quantity of discounted SOL would alleviate near-term selling pressure.

Latest News

Loading related articles...