Pantera Capital, a large cryptocurrency company with $5.2 billion in assets under management, has started raising funds to purchase $250 million worth of FTX Solana (SOL) tokens.
Pantera is hoping to get this product at a steep discount. They are hoping to pay $59.95 per token, which is 39% below SOL’s 30-day average price. However, the deal comes with an important caveat. Pantera must be willing to hold the tokens for up to four years after sale.
This strategy is detailed in the Pantera Solana fund’s marketing materials, which were sent to potential investors in February and then shared with: bloomberg.
FTX collapsed in November 2022 after FTX and its sister company Alameda Research fell into a liquidity crisis. FTX provided a loan to Alameda Research. Meanwhile, the trading desk had borrowed funds but did not have the cash needed to repay the lenders. There was a last-ditch effort to sell the company to Binance. However, after Binance withdrew the deal, FTX filed for Chapter 11 bankruptcy protection and founder Sam Bankman-Fried resigned.
Last September, a bankruptcy court gave FTX Real Estate permission to begin selling $3.4 billion worth of Bitcoin, Ethereum, and Solana. However, there was also a warning that it could not be sold for more than $100 million per share.
From the marketing sheet seen in bloomberg, Pantera said it estimates FTX still holds at least 41 million SOL. At current prices, this means FTX still holds approximately $5.8 billion worth of SOL.
If these estimates are accurate, this means that FTX still holds approximately 7% of Solana’s total token supply and approximately 9% of the currently circulating token supply.
The news so far seems to have received an enthusiastic response from the Solana community.
SOL has seen a huge rally since FTX filed for bankruptcy. It was trading at $17.84 at the time and fell below $10 before the end of 2022. However, as of this writing, SOL has reached a two-year high of $142.51 and is up 13% in the past day.
bloomberg Pantera reported that it had secured some funding, but did not report specific numbers. Participation in the venture requires a minimum investment of $25 million, and Pantera charges a 0.75% management fee and a 10% performance fee.
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