Pantera Capital aims to raise funds for the Pantera Solana Fund to buy Solana tokens from the bankrupt FTX exchange estate, offering investors a potential opportunity with a vesting period.
A report suggests that Pantera Capital, a firm specializing in cryptocurrency investment, is in the process of raising funds to acquire Solana tokens from the estate of the bankrupt FTX exchange.
Pantera is currently seeking capital for its Pantera Solana Fund, with the intention of procuring up to $250 million worth of Solana’s (SOL) tokens, as indicated in marketing materials distributed to potential investors and referenced by Bloomberg.
The firm aims to acquire a portion of FTX’s SOL holdings at a price of $59.95, representing a 57% decrease from its value of $142 per token at the time of documentation. Prospective investors are required to commit to a vesting period of up to four years as part of Pantera’s investment opportunity.
According to details provided in Pantera’s presentation, the FTX estate currently possesses 41.1 million SOL tokens, valued at approximately $5.4 billion, equating to roughly 10% of the total Solana token supply.
During the 24-hour period leading up to 11:47 am UTC, SOL experienced a 2.51% increase in value, reaching $142.51. Over the weekly period, the token has surged by more than 10.5%, and on a monthly basis, it has seen a significant rise of 49.7%, according to data sourced from CoinMarketCap.
Pantera’s objective was to finalize the fund by the conclusion of February, with a minimum investment requirement of $25 million from each participant, as outlined in the pitch deck. The firm intends to levy a 0.75% management fee alongside a 10% performance incentive.
The proposed transaction would facilitate the commencement of repayments to investors of the defunct crypto exchange FTX by its liquidators.
FTX and Alameda have reached a tentative settlement agreement with BlockFi to resolve their legal disputes. Under the terms of the settlement, FTX has agreed to pay up to $874.5 million to BlockFi and dismiss its claims against the company.
This settlement is anticipated to resolve BlockFi’s claims, amounting to roughly a billion dollars, against FTX, and also involves FTX relinquishing "millions of dollars of avoidance claims and other counterclaims" against BlockFi.
FTX is currently in the final stages of its bankruptcy proceedings, with plans to fully reimburse its customers to the tune of billions of dollars. In an effort to recover funds for its creditors, the company obtained approval on Feb. 22 to divest over $1 billion in shares of the artificial intelligence firm Anthropic.