SOL Surges As Pantera Looks To Buy Tokens From FTX Estate
The crypto hedge fund aims to raise $250M for a new fund that could purchase up to $250M of discounted SOL held by the defunct exchange.
By: yyctrader • Loading...
DeFi
Solana’s native cryptocurrency, SOL, is surging on news that crypto-focused hedge fund Pantera Capital is reportedly raising money to purchase SOL tokens from the estate of bankrupt crypto exchange FTX.
According to Bloomberg, Pantera aims to raise money for the Pantera Solana Fund, which can potentially purchase up to $250 million worth of SOL tokens from the FTX estate.
SOL is up nearly 15% in the past 24 hours.
Investors will have the option to purchase SOL at a substantial discount — either 39% below the 30-day average price or $59.95 — with an agreed vesting period of up to four years. Such a deal would allow FTX liquidators to free up funds for creditors without putting pressure on the token's price.
According to marketing documents seen by Bloomberg, the FTX estate holds 41.1 million SOL – currently worth over $6 billion. SOL has rallied roughly five-fold since FTX collapsed in November 2022.
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