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Pantera Capital is reportedly raising funds to purchase a significant amount of Solana tokens from the bankrupt estate of FTX, the digital asset exchange.
According to Bloomberg, Pantera Capital, which manages $5.2 billion in assets, is hoping to acquire up to $250 million worth of SOL tokens.
This acquisition could represent a substantial share of the tokens owned by FTX, offering a discounted rate to investors willing to commit to a four-year vesting period.
Strategic acquisition and market impact
Pantera's initiative to secure a large stake in Solana stems from the available 41.1 million SOL tokens within the FTX estate.
By acquiring these tokens at a 39% discount, Pantera aims to provide its investors with a lucrative opportunity while also assisting FTX liquidators in reallocating assets to creditors without destabilizing the token's market value.
This move is particularly significant given Solana's impressive performance on the cryptocurrency market, which has seen a nearly 650% increase over the past year.
Pantera Capital, founded by Dan Morehead, a former head at Tiger Management, has a rich history of pioneering in the cryptocurrency investment space.
The firm launched the United States' first cryptocurrency fund in 2013 and has been a leader in blockchain venture funding. Its portfolio management strategy spans passive, hedge and venture investments in digital currencies and blockchain technology.
Solana's price performance
Solana's market value has shown remarkable growth. It has surged by a whopping 14% in the last 24 hours alone. It is currently trading at $147.05, according to CoinGecko data.
This surge is part of a broader trend that saw the cryptocurrency's value multiply following the FTX collapse in November 2022.
It is currently the fifth biggest cryptocurrency by market capitalization, according to CoinGecko.