$5.2 billion cryptocurrency investment firm Pantera Capital, is looking to raise funds to buy deeply discounted Solana tokens from the collapsed FTX exchange. The firm is creating a “Pantera Solana Fund” with the goal of acquiring up to $250 million worth of discounted SOL.
According to marketing materials, investors participating in the fund would have the chance to purchase these tokens at $59.95, a staggering 39% below the average price over the past 30 days. To secure the bargain, investors must commit to a lengthy vesting period, potentially lasting up to four years.
This strategy, Pantera believe, is a chance to capitalize on a discounted price and potentially profit as the Solana ecosystem continues to develop. For the FTX estate, overseen by bankruptcy liquidator John Ray III, selling these SOL tokens would free up funds to repay creditors, while minimizing any immediate downward pressure on the overall price of SOL.
The marketing materials suggest the FTX estate holds a significant amount of SOL – roughly 41.1 million tokens representing 10% of the total supply, valued at $5.4 billion.
The firm reportedly aimed to close the fund by the end of February and participation comes with a high entry barrier, as investors must contribute at least $25 million each. Pantera plans to charge a 0.75% management fee and a 10% performance fee on the fund.
Pantera isn’t the only firm looking to capitalize on this opportunity. Phoenix Digital LLC, led by former Jefferies trader Tian Zeng, has established a similar vehicle aiming to buy SOL from FTX at an even steeper discount – $64 per token, representing a 51% discount.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/mar/08/
