Pantera to Broker Big Solana (SOL) Buyout from FTX

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Pantera Capital, a premier asset manager with assets totaling $5.2 billion, is currently in the process of raising funds from institutional investors to acquire deeply discounted Solana (SOL) tokens from the estate of bankrupt digital asset exchange FTX.

In 2022, due to a market price crash, Pantera Capital’s early-stage token fund incurred a loss of more than fifty percent of its value that year. It is however hoping to do things differently with Solana.

The Pantera Solana Fund Objectives and Strategy

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The investment opportunity, known as the Pantera Solana Fund, aims to raise capital to purchase up to $250 million worth of SOL tokens from the FTX estate at a discounted rate.

As observed by Bloomberg, participants in the Pantera Solana Fund have the option of purchasing SOL tokens either at a discount of 39% below the 30-day average price or at a fixed rate of $59.95. Nevertheless, investors are required to adhere to a vesting period of up to four years to access this purchasing opportunity.

Pantera Capital, leading the initiative, has advanced a strategic plan aimed at assisting FTX liquidators under John J. Ray III in offloading SOL holdings from the estate. The purpose is to deflect market pressure on the token’s value. Currently, the FTX estate possesses around 41.1 million SOL coins, valued at $5.4 billion.

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Implications and Future Outlook for Solana

In the past year, Solana (SOL) has witnessed an impressive surge of almost 650% amidst the prevailing cryptocurrency bull market. This surge provides an opening for the FTX estate to generate funds for creditor repayment, given that SOL’s value, though currently stagnant, has nearly quadrupled since FTX’s downfall in November 2022.

Pantera Capital set a goal to conclude the fund by February’s end, as outlined in the investor presentation. Although exact fundraising numbers remain undisclosed, a knowledgeable source affirmed that Pantera Capital managed to secure some funding by the stipulated deadline. The source, preferring anonymity when discussing sensitive details, opted not to reveal the precise amount raised.

Pantera Capital Demands $25 Million from Investors

According to the marketing materials, Pantera Capital mandates that investors in the Pantera Solana Fund commit a minimum of $25 million each. In exchange, SOL tokens will undergo an initial lock-up period, gradually vesting over four years. Pantera Capital intends to levy a management fee of 0.75% and a performance fee of 10%.

FTX and its affiliate Alameda Research have not only amassed a considerable stake in SOL but have also committed substantial funding to startups operating within Solana’s extensive ecosystem. Particularly noteworthy is the collaboration between FTX’s venture arm, Solana Ventures, and Lightspeed Venture Partners, which jointly revealed a $100 million blockchain gaming fund in November 2021.

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