Solana

DeFi

Million

Planet

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 Pantera Capital is reportedly seeking to raise funds for the purchase of $250 million worth of SOL tokens from FTX Estate.
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According to a <a style="color: #0000ff;" href="https://www.bloomberg.com/news/articles/2024-03-07/pantera-raising-money-to-buy-250-million-solana-holding-from-ftx-sol?sref=IIP4JEyu" rel="noopener noreferrer nofollow">report from Bloomberg</a>, the crypto-focused asset management firm aims to establish a Pantera Solana Fund and acquire a portion of FTX’s SOL holdings at a discounted price of $59.95. This discount price represents a 57% reduction from SOL’s current price of $143.81, as per CoinMarketCap data.
The development was evident in the marketing documents (which were reviewed by Bloomberg) sent to potential investors as they outlined Pantera’s execution strategy. According to these documents, the FTX Estate currently holds 41.1 million SOL tokens, valued at approximately $5.4 billion, constituting around 10% of the entire circulating supply of Solana.&nbsp;
Pantera is encouraging investors to commit a minimum of $25 million each and agree to have a corresponding amount of SOL coins locked on the platform for an initial vesting period exceeding four years. The asset management giant’s proposed fee structure includes a 0.75% management fee and a 10% performance fee.&nbsp;
Notably, Pantera’s plan offers FTX liquidators a gradual way to sell their Solana holdings, preventing an immediate impact on SOL trading prices and generating funds for creditors.
Meanwhile, SOL, the native token of the Solana blockchain, witnessed a significant surge in its price in the last 24 hours. According to <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">CoinMarketCap data</a>, the current price of $144.83 reflects a 13.96% increase from the previous day’s trading price and a 9.01% growth over the week. Over the past 12 months, the token’s price has <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/solana/historical-data/" rel="noopener noreferrer nofollow">experienced a 640% increase</a>, aligning with the overall bullish market trend driven primarily by Bitcoin’s current price trajectory.
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The post <a href="https://defi-planet.com/2024/03/pantera-capital-is-raising-funds-to-buy-250-million-worth-of-sol-from-ftx-estate-bloomberg-report/" rel="noopener noreferrer nofollow">Pantera Capital Is Raising Funds to Buy $250 Million Worth of SOL From FTX Estate – Bloomberg Report</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Pantera Capital Is Raising Funds to Buy $250 Million Worth of SOL From FTX Estate – Bloomberg Report

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