Solana

Pantera Capital, a crypto-focused asset management firm, is reportedly raising money to buy Solana tokens from the estate of the bankrupt FTX exchange.
Pantera is seeking funds for the Pantera Solana Fund, and it aims to purchase up to $250 million worth of Solana’s (<a href="https://cointelegraph.com/solana-price">SOL</a>) tokens, according to marketing materials sent to prospective investors <a href="https://www.bloomberg.com/news/articles/2024-03-07/pantera-raising-money-to-buy-250-million-solana-holding-from-ftx-sol?sref=IIP4JEyu" target="_blank" rel="noopener nofollow">seen</a> by Bloomberg.
Pantera is seeking to buy part of FTX’s SOL holdings at $59.95, which is 57% lower than its price of $142 per token at the time of writi. As part of Pantera’s investment opportunity, prospective investors must agree to a vesting period of up to four years.
According to Pantera’s pitch deck, the FTX estate holds 41.1 million SOL tokens, worth roughly $5.4 billion, or approximately 10% of the total Solana token supply.
SOL rose 2.51% in the 24 hours leading up to 11:47 am UTC to trade at $142.51. The token is up over 10.5% on the weekly and 49.7% on the monthly chart, according to CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/988991eb-9e2e-4284-9da8-a1c693a9498c.jpeg" alt="" title="">
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 SOL/USD, 1-month chart. Source: CoinMarketCap
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Pantera was aiming to close the fund by the end of February, requiring at least $25 million from each investor, according to the pitch deck. Pantera plans to charge a 0.75% management fee and a 10% performance cut.
The potential sale would enable FTX liquidators to start repaying the investors of the now-bankrupt crypto exchange. 
<a href="https://cointelegraph.com/news/ftx-alameda-in-principle-settlement-blockfi">FTX and Alameda reached</a> an ‘in principle’ settlement with BlockFi to settle their disputes. FTX agreed to pay up to $874.5 million to BlockFi and drop its claims against the firm.
The settlement would resolve BlockFi’s claims against FTX, totaling approximately a billion dollars, and will also see FTX waive "millions of dollars of avoidance claims and other counterclaims" against BlockFi.
FTX is in the final stages of its bankruptcy process, with <a href="https://cointelegraph.com/news/ftx-repay-creditors-not-restart-exchange">plans to fully repay billions of dollars</a> to its customers. As part of its efforts to recover funds for creditors, the company <a href="https://cointelegraph.com/news/ftx-court-approval-sell-billion-dollar-anthropic-ai-stake">received permission on Feb. 22 to unload</a> more than $1 billion in shares in the artificial intelligence company Anthropic. 
Related: <a href="https://cointelegraph.com/news/bitcoin-miner-revenue-second-best-day-history">Bitcoin miner revenue records second-best day in history</a>

Pantera launches fundraise to buy $250 million of SOL from FTX estate: Report

Cointelegraph

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