Crypto investment firm Pantera Capital is currently seeking funding to acquire $250 million worth of Solana (SOL) tokens from the assets of the defunct FTX exchange. Pantera Capital manages more than $5 billion in assets.
The company hopes to profit from the chance to purchase these tokens at a price of $59.95 each, 39% lower than Solana's 30-day average price.
The Pantera Solana Fund is a strategic investment vehicle that intends to attract big-time investors with a minimum commitment requirement of $25 million USD. This possible acquisition is one component of that investment.
Pantera has faith in Solana's potential for the long haul, so they're asking investors to put their money in for a vesting period of four years or more.
Following a liquidity difficulty and the accompanying Chapter 11 bankruptcy protection petition, the move follows FTX's collapse in November 2022.
In September, a bankruptcy court authorized the sale of 3.4 billion USD in Bitcoin, Ethereum, and Solana by FTX's estate, with a weekly limit of 100 million USD.
Based on data from CoinGecko, SOL increased in value by 13.7% in the last 24 hours, reaching US$147 at midday ET.
With more than US$65 billion, SOL's market capitalization ranks sixth among all cryptocurrencies. With sales of approximately US$5.1 billion, it is the second most popular blockchain for NFTs, according to CryptoSlam data.
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