Pantera Capital eyes FTX’s Solana assets at 40% markdown

Pantera Capital is actively seeking investments from contributors to purchase Solana tokens at a markdown price from FTX’s holdings.

Pantera Capital is a leading asset management firm specializing in cryptocurrencies, with assets totaling $5.2 billion. The firm wants to acquire up to $250 million in SOL tokens from FTX’s assets. This information comes from promotional documents distributed in February to potential backers, as reported by Bloomberg Intelligence. 

Investors participating can purchase SOL at a 39% reduction from its 30-day average cost, specifically at $59.95, provided compliance with a vesting term of up to four years. Solana is currently trading at over $145. 

This would enable FTX’s liquidators to divest SOL assets, thereby generating liquidity for the creditors without immediately affecting the token’s market price. Pantera’s investment brief revealed that the bankrupt exchange holds 41.1 million SOL coins, valued at $5.4 billion at the latest market closing, representing about 10% of SOL’s entire market circulation.

The latest bull run saw Solana rally over 600% in a year. The surge offers a prime opportunity for the bankrupt exchange to mobilize funds to settle its creditor obligations. Notably, the coin’s market price has quadrupled since FTX’s collapse in November 2022. FTX’s co-founder and ex-CEO, Sam Bankman-Fried, who currently awaits sentencing, had significantly supported the Solana ecosystem.

However, Pantera Capital is not alone in recognizing this investment potential. Phoenix Digital LLC, a New York-based investment fund, is also pursuing a deal to acquire SOL from the FTX estate. The firm offers $64 per token, representing a 51% markdown from its recent market value.