Friday, 19 July 2024

Crypto News

Pantera Capital fundraising to acquire discounted SOL tokens from FTX Estate

Solana Labs unveils Solang to enhance Ethereum compatibility

  • Pantera Capital initiates $250M fundraise for discounted SOL tokens from FTX Estate.
  • Pantera Capital’s target price is $59.95 per SOL, 57% lower than the current market value of $142.
  • FTX holds 41.1M SOL, valued at $5.4B.

Pantera Capital, a renowned asset management firm specializing in cryptocurrencies, has initiated a fundraising campaign to acquire Solana (SOL) tokens from the estate of the bankrupt FTX exchange.

To capitalize on the discounted SOL tokens, Pantera is seeking to raise funds for the Pantera Solana Fund, targeting a purchase of up to $250 million worth of SOL tokens.

Discounted SOL acquisition opportunity

The venture presents a lucrative opportunity for investors to acquire SOL tokens at a significant discount.

Pantera intends to purchase part of FTX’s SOL holdings at a rate of $59.95 per token, representing a substantial 57% reduction compared to the current market price of $142 per token.

As part of the investment opportunity, prospective investors are required to commit to a vesting period of up to four years.

FTX’s Solana (SOL) holdings 

The FTX estate holds approximately 41.1 million SOL coins, valued at around $5.4 billion, constituting approximately 10% of the total Solana token supply.

Solana’s SOL token has demonstrated impressive performance, experiencing a 2.51% increase in the past 24 hours, with the current trading price standing at $142.51.

Additionally, SOL has witnessed remarkable gains of over 10.5% on the weekly chart and a staggering 49.7% on the monthly chart as Solana sees increased memecoin trading activity.

This strategic move by Pantera Capital underscores its commitment to seizing investment opportunities in the cryptocurrency market, leveraging the discounted SOL tokens to potentially generate substantial returns for investors over the stipulated vesting period.

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