Bloomberg: Pantera Plans to Acquire Large Amounts of SOL Tokens from FTX Bankruptcy Estate

Bloomberg: Pantera Plans to Acquire Large Amounts of SOL Tokens from FTX Bankruptcy Estate

Bloomberg: Pantera Plans to Acquire Large Amounts of SOL Tokens from FTX Bankruptcy Estate

According to a report by Bloomberg, blockchain investment firm Pantera Capital is raising funds from large investors to purchase heavily discounted Solana native token SOL from the bankruptcy estate of digital asset exchange FTX.

According to marketing materials sent to potential investors in February, Pantera is raising funds for the Pantera Solana Fund, which has the “opportunity” to purchase up to $250 million worth of SOL tokens from the bankruptcy estate of FTX. As part of the exchange condition to purchase SOL at a price 39% (59.95 USD) below the 30-day average price, investors must agree to a four-year vesting period.

Proposals like Pantera’s would allow the FTX liquidation team led by John Ray III to sell SOL to free up funds for creditors without exerting direct pressure on the token’s price. According to Pantera’s proposal document, the FTX bankruptcy estate holds a total of 41.1 million SOL tokens (worth approximately $5.4 billion), roughly equivalent to 10% of the current circulating supply.

According to information provided by investors, Pantera plans to conclude the fund-raising by the end of February. A source familiar with the matter revealed that the company has raised some funds before the deadline. It is reported that each investor must commit at least $25 million to participate, with the condition that SOL tokens will initially be locked and gradually vested over four years.