Pantera Capital Targets Discounted Solana Tokens in FTX Estate Deal

In a strategic move, Pantera Capital is on the lookout for new investment, aiming to acquire Solana (SOL) tokens at a reduced price from the troubled FTX estate, as reported by Bloomberg.

This initiative comes amidst a notable increase in SOL’s value, which saw a 2.2% rise within an hour and an 8% uplift over the last 24 hours.

Launch of the Pantera Solana Fund

To facilitate this acquisition, Pantera Capital is introducing the Pantera Solana Fund to potential investors.

The fund presents an enticing opportunity to purchase up to $250 million worth of SOL tokens at a 39% discount, based on a 30-day average price pegged at $59.95.

This discount proposal, highlighted in documents shared with investors last month, aims to enable the FTX estate to offload its SOL holdings.

Pantera’s goal was to finalize the fund by the end of February, and it successfully raised a portion of the targeted funds within this timeframe, according to Bloomberg.

The backdrop of this investment strategy includes FTX’s downfall, once a prominent crypto exchange led by Sam Bankman-Fried, a convicted fraudster and an early supporter of Solana.

He possessed millions in SOL tokens. Despite these challenges, SOL has emerged as one of the best-performing major tokens in 2023, boasting an almost 600% increase over the past year, significantly outperforming Bitcoin’s 200% gain.

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