{"id":73138,"date":"2024-03-07T10:10:45","date_gmt":"2024-03-07T14:10:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=73138"},"modified":"2024-03-07T10:13:01","modified_gmt":"2024-03-07T14:13:01","slug":"solana-price-surges-as-pantera-plans-to-buy-250m-sol-from-ftx","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/solana-price-surges-as-pantera-plans-to-buy-250m-sol-from-ftx\/","title":{"rendered":"Solana Price Surges as Pantera Plans to Buy $250M SOL from FTX"},"content":{"rendered":"\n

Solana, a fast-growing cryptocurrency, saw its price rise by over 8% on March 7, following reports that Pantera Capital intends to buy $250 million worth of SOL tokens from the bankrupt FTX exchange.<\/a><\/p>\n\n\n\n

\"Solana<\/figure>\n\n\n\n

Solana, one of the most promising cryptocurrencies in the market, experienced a significant boost in its price on March 7, attracting the attention of investors. The price rally coincided with reports that Pantera Capital,<\/a> a leading crypto-focused asset manager, plans to buy a large amount of Solana tokens, or SOL, from the estate of FTX, a digital asset exchange that went bankrupt. <\/p>\n\n\n\n

This marks a major move in the crypto market landscape, as it could have implications for the supply and demand of SOL.<\/p>\n\n\n\n

Pantera Capital, which manages over $5.2 billion in assets, is in the process of raising capital from prominent investors, according to a Bloomberg report.\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> The report revealed that the fund will be used to buy deeply discounted SOL tokens from the estate of FTX, which declared bankruptcy in November 2022. <\/p>\n\n\n\n

The Pantera Solana Fund aims to purchase up to $250 million worth of SOL tokens, which is equivalent to about 1.7% of the total supply of SOL.<\/p>\n\n\n\n

A win-win situation for Pantera and FTX<\/h3>\n\n\n\n

Pantera\u2019s proposal offers an attractive opportunity for investors, as it allows them to buy SOL tokens at a 39% discount below the 30-day average price, or at $59.95. However, there is a catch: investors must commit to a vesting period of up to four years, meaning they cannot sell their tokens until then.<\/p>\n\n\n\n

This strategic move is designed to ease the pressure on Solana\u2019s token price while providing liquidity to FTX\u2019s estate for creditor repayment. Solana\u2019s price has soared by over 600% in the past year, making it one of the best-performing cryptocurrencies in the market. Solana\u2019s current trading price is nearly four times higher than its value at the time of FTX\u2019s collapse. <\/p>\n\n\n\n

Therefore, FTX\u2019s estate can use this opportunity to generate funds for creditor reimbursement, while Pantera can secure a long-term investment in a promising project.<\/p>\n\n\n\n

The deal also has an interesting twist, as Sam Bankman-Fried, the co-founder and former CEO of FTX, is a major supporter of the Solana network. Bankman-Fried is the founder and CEO of Alameda Research, a quantitative trading firm that is one of the largest validators on the Solana network. <\/p>\n\n\n\n

He is also the founder and CEO of Serum, a decentralized exchange that runs on the Solana network. Bankman-Fried has been vocal about his belief in Solana\u2019s potential, as it offers fast, scalable, and low-cost transactions.<\/p>\n\n\n\n

Solana\u2019s price and popularity rise<\/h3>\n\n\n\n

Meanwhile, the timeline for Pantera\u2019s fund closure was set for the end of February, with efforts to secure investments reportedly underway. However, specific details regarding the amount raised remain undisclosed. <\/p>\n\n\n\n

The report also showed that the investors interested in participating in this opportunity are required to commit a minimum of $25 million each. Besides, Pantera plans to implement a management fee of 0.75% and a performance cut of 10%, as outlined in their materials.<\/p>\n\n\n\n

However, as of this writing, the Solana price was up 8.50% and traded at $142.83, suggesting strong confidence in investors towards the crypto. Over the last 24 hours, the crypto has touched a high of $144.02 and a low of $126.03, according to CoinMarketCap.<\/use><\/svg><\/span><\/a> Solana has a market capitalization of over $41 billion, making it the seventh-largest cryptocurrency in the world.<\/p>\n\n\n\n
\"Solana<\/figure>\n\n\n\n

Solana\u2019s popularity has also risen, as it has attracted many developers, users, and projects to its network. Solana claims to offer a high-performance blockchain that can process over 50,000 transactions per second with an average fee of less than $0.01. Solana also supports smart contracts, decentralized applications, and interoperability with other blockchains. <\/p>\n\n\n\n

Some of the notable projects that run on Solana include Audius, a decentralized music streaming platform; Star Atlas, a metaverse game; and Metaplex, a platform for creating and selling NFTs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Solana, a fast-growing cryptocurrency, saw its price rise by over 8% on March 7, following reports that Pantera Capital intends to buy $250 million worth of SOL tokens from the bankrupt FTX exchange. Solana, one of the most promising cryptocurrencies in the market, experienced a significant boost in its price on March 7, attracting the […]<\/p>\n","protected":false},"author":44,"featured_media":58725,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[778,1924,18717],"class_list":["post-73138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-pantera-capital","tag-sol-price-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/solana-price-graph-1024x576-1.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=73138"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73138\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/58725"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=73138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=73138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=73138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}