Pantera launches fundraise to buy $250 million of SOL from FTX estate: Report

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Niamh Kavanagh
Niamh Kavanagh
Niamh Kavanagh is a social media and digital marketing expert, CMO of Dream Machine Foundation, and storyteller with a purpose. She grew Dream Machine to 8M followers and edited videos that raised $750K for charity, earning attention from Oprah, Steve Harvey, and Khloe Kardashian.

The $5.2 billion asset management giant is eyeing FTX’s discounted SOL stack worth around $5.4 billion.

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Pantera launches fundraise to buy $250 million of SOL from FTX estate: Report

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

Pantera is seeking funds for the Pantera Solana Fund, and it aims to purchase up to $250 million worth of Solana’s (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 than its price of $142 per token at the time of writi. 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, the FTX estate holds 41.1 million SOL tokens, worth roughly $5.4 billion, or approximately 10% of the total Solana token supply.

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

SOL/USD, 1-month chart. Source: CoinMarketCap

Pantera was aiming to close the fund by the end of February, requiring at least $25 million from each investor, according to the pitch deck. Pantera plans to charge a 0.75% management fee and a 10% performance cut.

The potential sale would enable FTX liquidators to start repaying the investors of the now-bankrupt crypto exchange.

FTX and Alameda reached an ‘in principle’ settlement with BlockFi to settle their disputes. FTX agreed to pay up to $874.5 million to BlockFi and drop its claims against the firm.

The settlement would resolve BlockFi’s claims against FTX, totaling approximately a billion dollars, and will also see FTX waive “millions of dollars of avoidance claims and other counterclaims” against BlockFi.

FTX is in the final stages of its bankruptcy process, with plans to fully repay billions of dollars to its customers. As part of its efforts to recover funds for creditors, the company received permission on Feb. 22 to unload more than $1 billion in shares in the artificial intelligence company Anthropic.

Related: Bitcoin miner revenue records second-best day in history

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