Cryptocurrency-focused asset manager Pantera Capital is reportedly in the process of raising funds to acquire Solana tokens from the assets of the bankrupt FTX exchange. This endeavor is part of Pantera's efforts to establish the Pantera Solana Fund, aimed at acquiring up to $250 million worth of Solana (SOL) tokens. Bloomberg reported that Pantera is seeking investment for this fund through marketing materials distributed to potential investors.
The proposed purchase price for the Solana tokens from FTX's assets is set at $59.95 per token, representing a significant discount of 57% compared to the current market price of $142 per token. As outlined in the marketing materials, potential investors are required to agree to a vesting period of up to four years as part of the investment opportunity offered by Pantera.
According to Pantera's promotional materials, the FTX asset holds approximately 41.1 million SOL tokens, with an estimated value of around $5.4 billion. This represents roughly 10% of the total supply of Solana tokens available in the market. The acquisition of these tokens by Pantera Capital is a strategic move in the investment landscape, leveraging the potential growth and value of Solana within the cryptocurrency ecosystem.
The Solana token, denoted as SOL, has demonstrated notable performance in recent trading sessions. With a 2.51% increase in the 24-hour period ending at 11:47 AM UTC, SOL was trading at $142.51. Over the past week, SOL has recorded a growth rate exceeding 10.5%, and on a monthly basis, the increase stands at 49.7%, according to data from CoinMarketCap.
Pantera Capital aims to finalize the establishment of the fund by the end of February, requiring a minimum investment of $25 million from each investor. Additionally, Pantera intends to implement a management fee of 0.75% and a performance fee reduction of 10%, as specified in the financing materials. This initiative holds significance not only for Pantera and potential investors but also for the ongoing bankruptcy proceedings of FTX, providing a pathway for the repayment of investors affected by the exchange's insolvency.
