Create a “Pantera Solana Fund”. That’s the ambition of Pantera Capital, which has its eye on FTX’s SOLs. This could enable the asset manager to get its hands on cryptocurrencies at a discount.
FTX’s SOLs soon in the hands of Pantera Capital
The information comes from Bloomberg, which was able to consult documents sent to potential investors. As a reminder, Sam Bankman-Fried, FTX’s deposed CEO, was one of Solana’s major supporters. FTX still holds a lot of SOL: 41.1 million tokens, or 10% of the supply.
But this could soon change. Pantera Capital is inviting institutional investors to set up a fund based on Solana’s cryptocurrency. What’s interesting is that SOLs offered in this way will be sold at an unbeatable price: 39% cheaper than the thirty-day average, or at a fixed price of $59.95.
As a reminder, the price of SOL has exploded in recent months, and the ecosystem has seen renewed interest and activity. So the investment is already paying off. But it does come with one condition: the SOL must be held for a period of up to 4 years. This is to ensure that the tokens are not “dumped” immediately after purchase. Funds will be gradually released over the first few years, should investors wish to sell them.
An interest for FTX, which has yet to liquidate its funds
For Pantera Capital, the interest is obvious. And for FTX, it’s another case of liquidating funds, in the bankruptcy process that began in 2022. The company is indeed on the hunt for billions, and thus intends to change some of the cryptocurrencies it holds into hard-earned dollars.
This would enable the company to repay some of its numerous creditors, without the massive sale posing any immediate risk to the SOL price. The latter has climbed 654% over the last 12 months. Going further back, since FTX’s collapse in November 2022, SOL’s share price has risen by 1,443%.
Evolution of the SOL price since the fall of FTX
According to Bloomberg, Pantera Capital wanted to close this investment at the end of February. A sum has apparently been raised, but the amount is unknown. This shows once again the enthusiasm surrounding Solana in recent times, including on the part of institutional investors.
