Pantera Capital is on a fundraising mission to acquire Solana (SOL) tokens from the estate of the now-defunct FTX crypto exchange, as reported by Bloomberg.
Pantera is raising money for the Pantera Solana Fund to leverage the current market conditions by acquiring up to $250 million of SOL tokens.
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Today, Solana costs $142 a token. Pantera would purchase the tokens for $59.95, which is 57% less.
As Solana's performance gains attention, with a notable 600% increase over the past year, the timing of Pantera's fund could not be more suitable. The price of SOL has risen 10% over the past 24 hours.
The intended acquisition not only signifies Pantera's bullish outlook on Solana but also presents a potential pathway for the FTX estate to divest its SOL holdings. This divestiture could, in turn, provide liquidity to creditors, a critical step in the unwinding process of FTX's complicated situation.
By capitalizing on FTX's current situation and betting on Solana's long-term potential, Pantera is positioning itself and its investors for potential significant gains.
In other FTX-related news, the bankrupt crypto exchange has agreed to a settlement with BlockFi, in which FTX will pay $874.5 million.
