Pantera launches fundraise to buy $250 million of SOL from FTX Estate: report

Pantera Capital, a crypto-focused asset management firm, is reportedly raising money to buy Solana (SOL) tokens from the estate of the bankrupt FTX exchange.

Pantera is seeking funds for the Pantera Solana Fund, aiming to buy up to $250 million worth of SOL tokens, according to marketing materials sent to prospective investors seen by Bloomberg.

Pantera is seeking to buy part of FTX’s SOL holdings at $59.95, which is 57% lower compared to today’s price of $142 per token. 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, FTX estate holds 41.1 million SOL coins, worth approximately $5.4 billion, or approximately 10% of the total Solana token supply.

Solana’s SOL token rose 2.51% in the 24 hours leading up to 11:47 a.m. in UTC, to trade at $142.51. The coin is up over 10.5% on the weekly and 49.7% on the monthly chart, according to CoinMarketCap data.

This is a developing story, and further information will be added as it becomes available.