Pantera Capital Raises Funds to Buy Discounted SOL Tokens Worth $250M from Bankrupt FTX Estate

by Alisa Davidson

Printed: March 07, 2024 at 8:26 am Up to date: March 07, 2024 at 8:26 am

by Victor Dey

Edited and fact-checked:
March 07, 2024 at 8:26 am

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In Temporary

Pantera Capital is elevating funds to accumulate discounted Solana (SOL) tokens price $250M from the property of bankrupt crypto trade FTX.

Asset administration firm Pantera Capital is within the strategy of elevating funds from main buyers to accumulate discounted Solana (SOL) tokens from the property of the bankrupt cryptocurrency trade FTX. The corporate is presently within the strategy of searching for funds for the Pantera Solana Fund, which presents an “alternative” to accumulate as much as $250 million price of SOL tokens from the FTX property. 

In trade for the choice to buy SOL at a reduction of 39% under a 30-day common worth or at $59.95, buyers are required to commit a minimal funding of $25 million every. This entails the preliminary locking of SOL tokens, with a gradual vesting course of extending over 4 years.

Pantera Capital additionally outlined a charge construction, together with a administration charge of 0.75% and a efficiency lower of 10%.

Pantera Capital’s proposal is about to supply a way for FTX liquidators to promote Solana progressively, stopping an instantaneous influence on the token’s worth and releasing up funds for collectors. The property presently possesses 41.1 million SOL cash, valued at $5.4 billion, representing roughly 10% of the overall provide.

The fund closure was scheduled to be concluded by the top of February. By the desired deadline, the worldwide enterprise capital agency Menlo Park Capital efficiently secured some funding.

FTX’s Curiosity within the Solana Ecosystem 

Launched in 2020, Solana serves as a competitor to the Ethereum blockchain and facilitates varied cryptocurrency-centric purposes. The community has skilled a rise in month-to-month lively addresses, persistently surpassing 20 million during the last three months, marking a restoration from the subdued exercise noticed in the course of the interval following FTX’s chapter.

SOL has skilled a considerable 650% enhance in worth during the last 12 months amid the general development of the cryptocurrency market. This surge presents a chance for the FTX property to generate funds for creditor compensation, with the present token worth almost quadrupling because the collapse of FTX in 2022.

Other than having substantial holdings of the SOL token, FTX and its affiliated firm, Alameda Analysis, made important investments in startups centred round Solana’s broader ecosystem. FTX’s enterprise arm, Solana Ventures, and Lightspeed Enterprise Companions collectively revealed a $100 million blockchain gaming fund in 2021, showcasing their dedication to supporting developments inside the Solana ecosystem.

FTX is divesting a good portion of its earlier investments as a part of the corporate’s efforts to liquidate property and reimburse clients who encountered account entry points in the course of the firm’s collapse in 2022.

Just lately, FTX obtained approval from the US Chapter Court docket to promote its shares within the AI startup Anthropic. FTX had beforehand invested $500 million in Anthropic in 2021, sustaining a 7.84 per cent stake within the firm. “We’re promoting the Anthropic shares, as we’re promoting every little thing, and placing the cash within the financial institution,” stated Andy Dietderich, FTX lawyer. 

As Pantera Capital secures funds to accumulate discounted Solana tokens from FTX’s property, the transfer highlights the evolving panorama of asset administration amid the cryptocurrency market’s development and FTX’s strategic liquidation efforts.

About The Writer

Alisa is a reporter for the Metaverse Put up. She focuses on investments, AI, metaverse, and every little thing associated to Web3. Alisa has a level in Enterprise of Artwork and experience in Artwork & Tech. She has developed her ardour for journalism via writing for VCs, notable crypto initiatives, and scientific writing. You possibly can contact her at [email protected]

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Alisa Davidson

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Alisa is a reporter for the Metaverse Put up. She focuses on investments, AI, metaverse, and every little thing associated to Web3. Alisa has a level in Enterprise of Artwork and experience in Artwork & Tech. She has developed her ardour for journalism via writing for VCs, notable crypto initiatives, and scientific writing. You possibly can contact her at [email protected]

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