Solana

TRON

APENFT

Solana, one of the prominent cryptocurrencies, witnessed a significant surge of over 8% in its price on March 7, garnering attention from investors. Meanwhile, this rally follows reports indicating Pantera Capital’s ambitious plan to acquire a substantial amount of Solana tokens, worth $250 million, from the estate of bankrupt digital asset exchange FTX.
Notably, this development marks a strategic move within the crypto market landscape.
<h2 id="solana-price-rallies-as-pantera-plans-to-buy-250m-sol">Solana Price Rallies As Pantera Plans To Buy $250M SOL</h2>
Pantera Capital, a renowned crypto-focused asset manager with assets totaling $5.2 billion, is in the process of raising capital from prominent investors. Meanwhile, this has sparked curiosity in the financial sector over the potential move of Pantera with the fund.
However, according to a Bloomberg <a rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/articles/2024-03-07/pantera-raising-money-to-buy-250-million-solana-holding-from-ftx-sol" target="_blank">report</a>, the fund will be used to acquire deeply discounted Solana tokens from the estate of FTX, a digital asset exchange that declared bankruptcy. As per Bloomberg, the Pantera Solana Fund is seeking to secure funds for this endeavor, aiming to purchase up to $250 million worth of SOL tokens.
Meanwhile, Pantera’s proposal offers an enticing opportunity for investors, with the option to acquire SOL tokens at a discounted rate of 39% below the 30-day average price or at $59.95. However, this comes with a condition, i.e. investors must commit to a vesting period of up to four years.
Notably, this strategic move is designed to alleviate immediate pressure on Solana’s token price while providing liquidity to <a href="https://coingape.com/ftx-news-claim-faces-backlash-over-massive-price-gap-for-btc-eth-sol-bnb/" target="_blank" rel="noopener noreferrer nofollow">FTX’s</a> estate for creditor repayment.
Also Read: <a href="https://coingape.com/tron-unveils-redeemable-inscription-innovation-with-apenft-partnership/" target="_blank" rel="noopener noreferrer nofollow">TRON Unveils Redeemable Inscription Innovation with APENFT Partnership</a>
<h2 id="implications-and-market-dynamics">Implications and Market Dynamics</h2>
The soaring trajectory of <a href="https://coingape.com/trending/solana-might-hit-its-ath-soon/" target="_blank" rel="noopener noreferrer nofollow">SOL</a> over the past year, witnessing a staggering 600% increase, presents a lucrative opportunity for FTX’s estate to generate funds for creditor reimbursement. Notably, SOL’s current trading price is nearly quadruple its value at the time of FTX’s collapse in November 2022. Besides, the involvement of <a href="https://coingape.com/sam-bankman-fried-shouldnt-get-leniency-court-filing/" target="_blank" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a>, co-founder and former CEO of FTX, as a major supporter of the <a href="https://coingape.com/sam-bankman-fried-shilling-solana-in-jail-what-could-go-wrong/" target="_blank" rel="noopener noreferrer nofollow">Solana network</a> adds an intriguing dimension to this development.
Meanwhile, the timeline for Pantera’s fund closure was set for the end of February, with efforts to secure investments reportedly underway. However, specific details regarding the amount raised remain undisclosed.
In addition, the report showed that the investors keen to participate in this opportunity are required to commit a minimum of $25 million each. Besides, Pantera plans to implement a management fee of 0.75% and a performance cut of 10%, as outlined in their materials.
<figure id="attachment_184567" aria-describedby="caption-attachment-184567" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-184567" src="https://coingape.com/wp-content/uploads/2024/03/Solana-Price-Chart-7-03-24.png" alt="Solana Price Chart" width="757" height="477" srcset="https://coingape.com/wp-content/uploads/2024/03/Solana-Price-Chart-7-03-24.png 1026w, https://coingape.com/wp-content/uploads/2024/03/Solana-Price-Chart-7-03-24-300x189.png 300w, https://coingape.com/wp-content/uploads/2024/03/Solana-Price-Chart-7-03-24-768x484.png 768w, https://coingape.com/wp-content/uploads/2024/03/Solana-Price-Chart-7-03-24-150x95.png 150w" sizes="(max-width: 757px) 100vw, 757px">
 <figcaption id="caption-attachment-184567" class="wp-caption-text">
 Solana Price
 </figcaption>
</figure>
However, as of writing, the <a href="https://coingape.com/price/solana/" target="_blank" rel="noopener noreferrer nofollow">Solana price</a> was up 8.50% and traded at $142.83, suggesting a strong confidence of the investors towards the crypto. Over the last 24 hours, the crypto has touched a high of $144.02 and a low of $126.03.
Also Read: <a href="https://coingape.com/cognizant-opens-advanced-ai-labs-after-microsoft-deal/" target="_blank" rel="noopener noreferrer nofollow">Cognizant Opens Advanced AI Labs After Microsoft Deal</a>
The post <a href="https://coingape.com/solana-price-rallies-8-pantera-buy-250m-sol-from-ftx/" rel="noopener noreferrer nofollow">Solana Price Rallies 8% As Pantera Plans To Buy $250M SOL From FTX</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Rallies 8% As Pantera Plans To Buy $250M SOL From FTX

Table of Contents

Coingape News Media

Other articles published on Mar 7, 2024

Unveiling the Journey of KoinBay: A Path of Milestones

Argentine Police Arrest Brazilian Couple Running a Crypto Ponzi

Best Coins to Trade on Binance

Bitcoin is booming in Egypt and becoming a safe haven against currency devaluation!

Cardano (ADA), Nugget Rush (NUGX) & Ripple (XRP): Who Will Hit $1 in 2024?

Firewall raises $3.7M to take smart contracts mainstream with programmable finality

Join our free newsletter for daily crypto updates!