Pantera Capital, a heavyweight crypto firm, aims to acquire $250M worth of SOL tokens from FTX at a discounted rate, potentially impacting SOL's market dynamics.

Crypto heavyweight Pantera Capital, managing assets worth $5.2 billion, is initiating a funding campaign to acquire $250 million worth of Solana (SOL) tokens from FTX.

Pantera aims to secure these tokens at a significant discount, targeting a purchase price 39% below SOL's 30-day average, at $59.95 per token. However, the deal comes with a condition: Pantera must commit to holding the tokens for up to 4 years post-sale.

This strategy was outlined in marketing materials for the Pantera Solana Fund, distributed to potential investors in February and subsequently shared with Bloomberg.

FTX faced a crisis in November 2022, leading to its collapse, along with its sister company Alameda Research, due to a liquidity crunch. FTX had extended loans to Alameda Research, while its trading desk had borrowed funds beyond its capacity to repay, resulting in insolvency. Despite attempts to sell the company to Binance, the deal fell through, prompting FTX to file for Chapter 11 bankruptcy protection, with founder Sam Bankman-Fried stepping down.

In September, a bankruptcy court authorized the FTX estate to begin selling $3.4 billion worth of Bitcoin, Ethereum, and Solana, with a weekly cap of $100 million.

According to Pantera's marketing materials, it's estimated that FTX still holds around 41 million SOL, equivalent to approximately $5.8 billion at current prices.

If these projections hold true, FTX retains approximately 7% of Solana's total token supply and around 9% of the circulating supply.

The news has been well-received within the Solana community.

Solana to $400 with haste

Pantera Capital:- Acquisition of up to $250M worth of SOL from FTX- Purchasing at approximately $60, equivalent to about 4,200,000 SOL- Vesting period of up to 4 years

Pantera, the epitome of hedge funds, commands immense respect within the crypto ecosystem.

They were acquiring Bitcoin when others were hesitating… pic.twitter.com/LlOWbCHfkf

— Gumshoe (@0xGumshoe) March 7, 2024

SOL has experienced a significant surge since FTX's bankruptcy filing. Initially trading at $17.84, it dipped below $10 by the end of 2022. At present, SOL has reached a 2-year peak of $142.51, marking a 13% increase in the past day.

Bloomberg indicates that Pantera has successfully raised some funds, although specific figures were not disclosed. Participating in the venture requires a minimum investment of $25 million, with Pantera imposing a management fee of 0.75% alongside a performance fee of 10%.