More FTX’s Solana goes to Pantera Capital in bid: Report

Pantera Capital has successfully purchased other Solana tokens from the bankrupt FTX estate, sources familiar with the matter told Bloomberg.

It's not clear how much Pantera was able to get at the auction at this point, but about 2,000 SOL tokens were recently sold in a private sale, with the source choosing to remain anonymous citing the confidentiality of the transaction.

The sale is part of a broader strategy by FTX Estates to liquidate its top Solana holdings, which initially totaled about $2.6 billion.

Previous transactions have seen Pantera and Galaxy Digital buy significant portions of these assets at significant discounts. But that steep discount didn't go down well with the crypto exchange's creditors, who were hoping to get their money back.

In fact, FTX's troubled handling of crypto assets has become the subject of a class action lawsuit led by Sunil Kavuri.

“FTX is not right to sell our assets,” he recently tweeted. “Any value S&C and co-conspirators have to FTX's creditors is destroyed, being sued by our class actions.”

Currently, the FTX estate is releasing 41 million SOL tokens, which are scheduled to be gradually introduced to the market over the next four years. The Solana, which sold earlier this week, fetched $60 more than other buyers paid, the sources told Bloomberg.

Despite FTX's bankruptcy challenge in 2022, which saw Solana's price drop by 94%, the token has shown a strong recovery, appreciating more than 1,300% since the beginning of last year.

At its current price, Solana is trading at $143 after a 1.6% drop in the last 24 hours, and is flat compared to last week, according to data from CoinGecko.

Additional bids are expected as FTX Assets continues to manage the asset clearance process. Neither Pantera Capital nor FTX Estate have yet released an official statement regarding the latest sale.