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Pantera Capital, a prominent crypto asset management firm, is gearing up to acquire $250 million worth of $SOL from the bankrupt FTX estate, according to a March 7 Bloomberg report.
Pantera aims to acquire part of FTX's $SOL holdings for $59.95 per token, representing a significant 58% discount compared to its current market price of $144 per token.
The move presents a lucrative opportunity for investors, offering a potential discount on the current market value of $SOL. However, this discount comes with a catch: investors must commit to a four-year vesting period, reflecting a long-term outlook on the cryptocurrency's growth and recovery trajectory.
Earlier, in a bid to recover funds for creditors, FTX obtained permission on February 22 to sell over $1 billion worth of shares in the artificial intelligence company Anthropic.
Strategic Analysis
Pantera decided to invest in $SOL from FTX's estate based on a comprehensive strategic analysis that evaluated its potential for resurgence and value appreciation.
According to Pantera's pitch deck, the FTX estate holds approximately 41.1 million $SOL tokens, valued at around $5.4 billion, constituting roughly 10% of the total Solana token supply. Pantera plans to close the fund by the end of February, with each investor required to contribute a minimum of $25 million. Management fees amount to 0.75%, coupled with a 10% performance cut.
FTX Settlement and Fund Repayment
The potential sale of $SOL from FTX's estate could facilitate the initiation of repayments to investors of the bankrupt crypto exchange. Recently, FTX, alongside Alameda, has reached an 'in principle' settlement with BlockFi, agreeing to pay up to $874.5 million and dropping claims against the firm. This settlement is pivotal in resolving disputes totaling nearly a billion dollars, with FTX also relinquishing counterclaims against BlockFi.
Solana ($SOL) is trading at $144.71 at press time, up 14% in the last 24 hours.