According to reports, Pantera Capital’s asset management firm is raising funds to purchase Solana (SOL) tokens from its stash, worth around $5.4 billion, from the estate of the defunct FTX exchange.
Pantera is soliciting capital for the Pantera Solana Fund, which, according to marketing materials obtained by Bloomberg from prospective investors, seeks to acquire Solana’s (SOL) tokens worth up to $250 million.
Pantera is interested in purchasing a portion of FTX’s SOL holdings for $59.95 per token, a 57% discount from the token’s value at the time of writing ($142). Potential investors in Pantera’s investment opportunity must consent to a vesting period of no less than four years.
According to Pantera’s presentation deck, the FTX estate reportedly possesses 41.1 million SOL tokens, valued at approximately $5.4 billion (or 10% of the total Solana token supply).
As of 11:47 am UTC, SOL had increased by 2.51% to trade at $142.51. The token has increased by more than 10.5% weekly and 49.7% monthly, per CoinMarketCap data.
The pitch deck stated that Pantera aimed to complete the fund by the end of February, requiring a minimum of $25 million from each investor. Pantera intends to implement a management fee of 0.75% and a performance cut of 10%.
The prospective sale would allow the liquidators of the defunct cryptocurrency exchange, FTX, to initiate repaying the investors.
BlockFi, FTX, and Alameda have reached an “in principle” agreement to resolve their differences. By agreeing to pay BlockFi up to $874.5 million, FTX dismissed its legal claims against the company.
In addition to resolving BlockFi’s approximately one-billion-dollar claims against FTX, the settlement will require FTX to waive “millions of dollars worth of avoidance claims and other counterclaims” brought against BlockFi.
While in the concluding phases of its bankruptcy proceedings, FTX intends to reimburse its customers in billions of dollars. In pursuit of recouping funds for its creditors, the organization obtained authorization on February 22 to divest over $1 billion worth of Anthropic shares, an artificial intelligence firm.
