Pantera Capital, a major crypto-focused asset manager, is reportedly in talks with investors to secure funds for the acquisition of heavily discounted Solana tokens from the bankruptcy estate of FTX. The company is in the process of raising capital for the Pantera Solana Fund, which presents a unique opportunity to purchase up to $250 million worth of SOL tokens from the FTX estate.
According to marketing materials obtained by Bloomberg, investors would have the option to buy SOL at a price 39% below the 30-day average or at $59.95 per token. However, to exercise this option, investors would need to commit to a vesting period of up to four years. This long-term commitment is aimed at ensuring the stability and growth of the investment over time.
FTX, the exchange that entered Chapter 11 bankruptcy proceedings in US courts in November 2022, holds a significant amount of SOL tokens. With 41.1 million SOL coins valued at $5.4 billion as of the latest price, FTX’s SOL holdings account for about 10% of the total SOL supply, as highlighted in Pantera’s presentation.
The proposal by Pantera Capital would enable FTX liquidators to sell SOL tokens and generate funds for creditors without putting immediate pressure on the token’s price. Investors looking to participate in the acquisition must contribute a minimum of $25 million each, with the understanding that the SOL tokens received will be restricted initially and will unlock over a four-year period.
In addition to the minimum contribution requirement, Pantera intends to implement a management fee of 0.75% and a performance fee of 10%, as outlined in the materials. Sam Bankman-Fried, the founder of FTX, has shown significant support for Solana in the past. His enterprises have accumulated substantial amounts of SOL tokens from various sources within the Solana ecosystem.
The Solana Foundation had a small amount of cash held on FTX.com when the exchange halted customer withdrawals following the bankruptcy filing. However, this amount represented less than 1% of the foundation’s total cash reserves, and there were no SOL tokens held in custody on the exchange. Despite the challenges faced by FTX, the potential acquisition of SOL tokens presents a new opportunity for investors to participate in the Solana ecosystem.
The potential acquisition of heavily discounted Solana tokens from the FTX bankruptcy estate by Pantera Capital offers a compelling investment opportunity for investors looking to diversify their crypto portfolios. With a long-term vesting period and the support of industry players like Sam Bankman-Fried, this initiative could reshape the Solana ecosystem and create new possibilities for growth and development in the crypto space.