In order to buy Solana (SOL) tokens from the insolvent FTX estate at a discount, crypto asset manager Pantera Capital is requesting capital from large investors.
Many people called SOL “Sam Coin” because of its ties to the infamous crypto entrepreneur Sam Bankman-Fried. Before FTX’s bankruptcy in November 2022, he and his firms heavily pushed the Solana brand and invested in projects and assets associated with it.
According to a Bloomberg article from Thursday, Pantera Capital is now seeking capital for its Pantera Solana Fund. The maximum amount of SOL tokens that the fund may purchase from FTX is $250 million.
According to the research, investors may purchase SOL tokens for $59.95, which is 39% less than the average price of the past 30 days. However, they will have to wait up to four years before they can sell them.
When Cryptonews reached out to Pantera for comment, they did not respond by the time of press. In June 2022, the firms owned by Bankman-Fried had roughly $1.2 billion worth of the token and its related assets. He once urged a doubtful trader in January 2021, “Sell me all you want.” They were worried. “Therefore, you should just leave.”
But investors dumped Solana at the last minute as FTX fell, losing $8 billion. During the decline of the exchange from November 6th to the 9th, the price of SOL fell to $12.37, a 60% collapse. However, the token has recovered and is now trading for about $144.24 (a 680% increase in the last year).
Pantera’s plan makes it possible for the FTX liquidators to sell SOL tokens slowly, away from the market. Rumor has it that the estate has 41.1 million SOL coins, worth $5.4 billion.
Pantera has raised a portion of the whole amount before the end of February, which was their original goal for closing the fund.
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