Solana

when

Solana (SOL), one of the biggest gainers of 2023, is continuing its positive upward swing in 2024. SOL’s ongoing rally has landed it on the radar of <a href="https://news.todayq.com/zircuit-new-zk-rollup-focused-on-security-launches-staking-program/" rel="noopener noreferrer nofollow">Pantera Capital</a>. Reports are making rounds that the asset manager is seeking funds from large investors for the Pantera Solana Fund. Pantera’s bet on Solana 
According to a report, Pantera Capital is looking to buy $250 million worth of Solana (SOL) tokens from the estate of the bankrupt digital asset exchange FTX. It is interesting to see such a big move from the crypto-focused asset manager with assets of $5.2 billion.
The asset manager is reportedly offering investors the opportunity to buy SOL tokens at a discounted rate of 39% below the 30-day average price or for $59.95. This option is part of Pantera’s strategy to capitalize on the potential to acquire SOL tokens at a reduced price from the <a href="https://news.todayq.com/blockfis-path-to-recovery-scores-nearly-1b-settlement-with-ftx/" rel="noopener noreferrer nofollow">FTX estate</a>.
In exchange for the discounted purchase option, investors must agree to a vesting period lasting up to four years. This extended vesting period is a mechanism to prevent immediate selling pressure on SOL tokens.
According to Pantera’s pitch document, the FTX estate holds approx 41.1 million Solana coins. The holding is valued at $5.4 billion as of the latest market close. However, this represents around 10% of the total SOL token supply. 650% surge 
SOL has recorded a massive surge of almost 650% in the past 12 months. This price jump is making the token an attractive asset for the FTX estate to raise funds for creditors. The current price is nearly four times higher than its value when FTX faced challenges in November 2022.
Solana price is up by 11% in the last 24 hours. SOL is trading at an average price of $142, at the press time.
FTX’s co-founder and former CEO, Sam Bankman-Fried, a key figure in the Solana network, is awaiting sentencing on multiple counts of fraud. The FTX estate’s involvement with Solana adds complexity to the situation.
Pantera aimed to close the fund by the end of February. While the firm raised some money by the deadline, the exact figure remains undisclosed. Investors were required to commit a minimum of $25 million each to participate. Pantera plans to charge a management fee of 0.75% along with a performance cut of 10% for participants in the fund.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Big Solana pump coming in? Pantera play $250M SOL buy plan

Todayq News

2024년 3월 7일에 게재된 다른 기사

Ethereum (ETH) Breaking $3.5K: Raffle Coin (RAFF) Steals the Show with Tron (TRX) and Shiba Inu (...

Solana (SOL) Holders Secure Their Spot in Pushd (PUSHD) Presale Whilst Dogecoin (DOGE) and Ethere...

Breaking: South Korea Coordinates With Interpol to Extradite Terra Founder Do Kwon

Interesting Price Action on BONK and Other Solana Memecoins Have Led Investors To Possible 50x on...

Altcoins Surpass Bitcoin in Market Rally

Bitcoin Price Stabilizes at $67,000: Analysts Weigh In

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!