Token

Rally

Solana

Sherpa

Pantera Capital, a prominent crypto-focused asset manager with assets totaling $5.2 billion, has launched a <a href="https://www.newsbtc.com/news/solana/solana-open-interest-plunges-20-what-price/" target="_blank" rel="noopener ">fundraising campaign</a> to purchase discounted Solana (SOL) tokens from the bankrupt estate of crypto exchange FTX.&nbsp; 
<a href="https://www.bloomberg.com/news/articles/2024-03-07/pantera-raising-money-to-buy-250-million-solana-holding-from-ftx-sol" target="_blank" rel="noopener nofollow">According </a>to Bloomberg, the initiative, known as the Pantera Solana Fund, offers investors the opportunity to purchase up to $250 million worth of SOL tokens at a significant discount to the FTX estate. 
<h2 id="solana-token-acquisition-plan">Solana Token Acquisition Plan</h2> 
Pantera Capital’s marketing materials, shared with prospective investors in February and reviewed by Bloomberg, outline the opportunity to purchase SOL tokens at a price 39% below the 30-day average or at a fixed price of $59.95.&nbsp; 
However, Bloomberg notes that investors participating in this opportunity must agree to a vesting period of up to four years. This approach reportedly allows FTX liquidators, led by John J. Ray III, to offload <a href="https://www.newsbtc.com/news/solana-defi-landscape-thrives-with-record-11-billion-trading-volume/" target="_blank" rel="noopener ">SOL </a>tokens gradually, freeing up funds for creditors without exerting immediate downward pressure on the token’s price. 
According to Pantera’s pitch document, the <a href="https://www.newsbtc.com/ftx/ftt-crashes-30-ftx-relaunch-hopes-fade/" target="_blank" rel="noopener ">FTX estate</a> currently holds approximately 41.1 million SOL tokens, valued at $5.4 billion as of the close of Wednesday’s trading session. This constitutes roughly 10% of the total supply of SOL tokens.&nbsp; 
According to its investor pitch, Pantera aimed to close the fund by the end of February. Although the amount raised by the deadline remains undisclosed, sources familiar with the matter confirmed to Bloomberg that Pantera has secured some funds. 
Investors interested in participating in the Pantera Solana Fund must commit a minimum of $25 million. Pantera Capital plans to charge a <a href="https://www.newsbtc.com/news/solana-meme-coin-dogwifhat-wif-hits-new-ath-market-cap-breaks-1-6-billion/" target="_blank" rel="noopener ">management fee </a>of 0.75% and a performance cut of 10%. 
Apart from its substantial SOL token holdings, FTX and its sister firm, Alameda Research, have invested significantly in startups within Solana’s broader ecosystem.&nbsp; 
According to Bloomberg, FTX’s venture arm, Solana Ventures, and Lightspeed Venture Partners jointly announced a $100 million blockchain gaming fund in November 2021. 
Ultimately, the estate’s intention to sell these tokens presents an opportunity to raise funds to repay creditors, considering the notable surge of SOL’s price in the past year. SOL has experienced a staggering 650% increase, trading nearly four times its price when FTX faced its crisis in November 2022. 
<h2 id="crypto-analyst-forecasts-sol-to-shatter-previous-ath">Crypto Analyst Forecasts SOL To Shatter Previous ATH</h2> 
SOL, the fifth-largest cryptocurrency by market capitalization, has continued its remarkable upward trajectory and is currently trading at $147. 
The token’s price has increased significantly by 14% in the past 24 hours alone, and over the course of 30 days, it has soared by an impressive 56%.&nbsp; 
Despite this uptrend, SOL remains 43% below its previous <a href="https://www.newsbtc.com/news/solana/solana-predicts-push-to-600/" target="_blank" rel="noopener ">all-time high</a> (ATH) of $259, achieved in November 2021. However, crypto analyst Altcoin Sherpa <a href="https://x.com/AltcoinSherpa/status/1765542466466537578?s=20" target="_blank" rel="noopener nofollow">believes </a>that SOL will break its previous ATH during this market cycle, with the only uncertainty being the size of the break. 
Altcoin Sherpa suggests that reaching $500 is highly probable, and an even more astonishing milestone like $1000 is not entirely out of the question. The analyst further emphasizes its confidence in SOL’s potential, stating that it remains one of their more substantial investments. Altcoin Sherpa also highlights the next significant level to watch for SOL, which is $170. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/4qf56qzc/" alt="Solana" width="1815" height="858"> 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Pantera Capital Plans $250M Solana (SOL) Buy, Analyst Predicts Record Rally Toward $1000

Table of Contents

NewsBTC

Other articles published on Mar 8, 2024

Coinbase Confirms Continuation of PlayDapp Trading Suspension

Price analysis 3/8: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, SHIB, AVAX, DOT

Bitcoin Price Prediction: BTC Surges 9% In A Week As New All-Time High Beckons And This Green BTC...

Notcoin Announces NFT Vouchers for High-Level Players to Trade Upcoming Token

Lazydays (GORV) Faces Q4 Challenge with $108 Million Net Loss, Eyes 2024 Turnaround

This DeFi Token Is Completely Outperforming BONK, SHIB, and FLOKI As Meme Mania Continues

Join our free newsletter for daily crypto updates!