April 19, 2024
Latest Cryptocurrency News

Pantera Capital Seeks $250 Million for Solana Token Purchase from FTX Estate

In a strategic move, Pantera Capital, the prominent crypto-focused asset management firm, is actively raising funds for the Pantera Solana Fund. The objective is to acquire up to $250 million worth of Solana’s (SOL) tokens from the estate of the bankrupt FTX exchange, according to marketing materials disclosed to potential investors, as reported by Bloomberg.

Pantera aims to purchase part of FTX’s SOL holdings at a discounted rate of $59.95, representing a 57% reduction from its current price of $142 per token. Investors interested in this opportunity must commit to a vesting period of up to four years, as outlined in Pantera’s pitch deck.

The FTX estate holds a substantial 41.1 million SOL tokens, valued at approximately $5.4 billion, constituting around 10% of the total Solana token supply.

As of the latest data, SOL has experienced a 2.51% increase in the past 24 hours, reaching $142.51. Over the weekly and monthly charts, the token has surged by 10.5% and 49.7%, respectively, according to CoinMarketCap.

Pantera originally aimed to conclude the fund by the end of February, requiring a minimum investment of $25 million from each participant. The proposed fee structure includes a 0.75% management fee and a 10% performance cut.

This potential acquisition by Pantera serves a dual purpose, providing an investment opportunity while facilitating FTX’s liquidators in repaying creditors following the exchange’s bankruptcy. FTX, in collaboration with Alameda, recently reached a significant settlement ‘in principle’ with BlockFi, agreeing to pay up to $874.5 million and dropping claims against the firm.

This settlement not only resolves BlockFi’s claims but also sees FTX waiving “millions of dollars of avoidance claims and other counterclaims” against BlockFi. As FTX progresses through the final stages of its bankruptcy process, plans are in place to fully repay billions of dollars to its customers, with the recent permission to unload over $1 billion in shares in the AI company Anthropic.

Image by jannoon028 on Freepik

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