Pantera Capital wants to buy up SOL from the FTX estate: Bloomberg

Pantera Capital is reportedly interested in buying up to $250 million worth of SOL

March 7, 2024 02:15 pm

Pantera Capital CEO Dan Morehead | DAS 2022 New York by Blockworks

Pantera is reportedly looking to raise funds from large investors to buy up discounted Solana tokens from the FTX estate.

Pantera wants to create the Pantera Solana Fund, Bloomberg reported. The report cited marketing materials from Pantera, which said that the fund could buy up to $250 million worth of the tokens from FTX.

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Prospective investors would agree to a vesting period of four years to buy Solana (SOL) at 39% below a 30-day average, or $59.95, Bloomberg said. Investors would put in at least $25 million and would be charged a management fee of 0.75% by Pantera. Additionally, there would be a 10% performance cut.

Pantera Capital didn’t immediately return a request for comment on the report.

FTX holds roughly 10% of the total supply of SOL, or 41.1 million coins, according to the marketing documents cited.

Pantera was looking to close the fund by the end of February. An unnamed source confirmed to Bloomberg that it had raised some money, though a specific figure was not disclosed.

Solana is up over 614% this year, according to data from CoinGecko. SOL was trading around $145, up 12%, at the time of publication.

The token was one of former FTX CEO Sam Bankman-Fried’s biggest investments. At his trial in November of last year, he even revealed that he’d been buying Solana back when it was worth roughly $0.20.

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