Pantera Begins Fundraising to Buy $250 Million SOL From FTX Estate: Report
Pantera Capital, a crypto-focused asset management firm, is reportedly raising funds to buy Solana tokens from the assets of the bankrupt FTX exchange.
Panthera is looking for money for the Panthera Solana Fund and plans to buy up to $250 million worth of Solana (SOL) tokens, according to marketing materials sent to investors seen by Bloomberg.
Pantera is seeking to buy a portion of FTX's SOL holdings for $59.95, which is 57% less than the $142 price per token at the time of writing. As part of Pantera's investment opportunity, prospective investors must agree to spend up to four years.
According to Pantera's pitch deck, the FTX state holds 41.1 million SOL tokens, worth $5.4 billion, or 10 percent of the total Solana token supply.
SOL rose 2.51% to trade at $142.51 in the 24 hours to 11:47 am UTC. According to CoinMarketCap data, the token is up more than 10.5% on a weekly basis and 49.7% on a monthly chart.
Pantera plans to close the fund by the end of February, requiring at least $25 million from each investor, according to PitchDeck. Pantera plans to charge a 0.75% management fee and a 10% performance cut.
A sell-off allows FTX liquidators to start paying back investors of the now bankrupt crypto exchange.
FTX and Alameda have reached an agreement ‘in principle' to resolve their dispute with BlockFi. FTX has agreed to pay BlockFi up to $874.5 million and drop its claims against the company.
The settlement resolves BlockFi's claims against FTX, totaling nearly $1 billion, and also sees FTX release “millions of dollars in rescission claims and other claims” against BlockFi.
FTX is in the final stages of bankruptcy proceedings, planning to repay billions of dollars in full to its customers. On February 22, the company was granted permission to offload more than $1 billion in artificial intelligence company Anthropic's stock in an effort to recoup money from creditors.
Related: Bitcoin mining revenue records second-best day in history
