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.

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.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Newsletter

Blockworks Daily

Upcoming Events

Permissionless III Hackathon

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

learn more

Permissionless III

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

learn more

recent research

Research

Why Solana Mobile Should 100x Their Phone Production

Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs, and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1M to 10M units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel.

by Luke Leasure