Pantera Looks to Purchase Discounted Solana Tokens With New Fund: Bloomberg

Cryptocurrency fund Pantera Capital is seeking fresh capital to purchase discounted Solana (SOL) tokens from the beleaguered FTX estate, Bloomberg reported Thursday.

SOL tokens rose 2.2% in the past hour, contributing to an 8% gain in the past 24 hours.

The firm is floating the Pantera Solana Fund to investors, stating it has an opportunity to buy up to $250 million of SOL tokens at a 39% discount below a 30-day average price of $59.95, Bloomberg said, citing documents sent to potential investors last month.

The purchased tokens would be vested for at least four years and could allow the FTX estate to liquidate its SOL holdings, freeing up funds for creditors. Pantera was aiming to close the fund by the end of February and raised some money by the deadline, as per the Bloomberg report.

CoinDesk did not immediately get a reply seeking confirmation and additional information sent to Pantera’s press email address.

FTX was a crypto exchange owned by convicted fraudster Sam Bankman-Fried, an early Solana backer who held millions of dollars worth of the tokens. SOL was one of the top-performing major tokens in 2023, and is up nearly 600% over the past year, compared with bitcoin’s 200%.