Solana’s Positive Momentum Continues in 2024
Solana (SOL), one of the standout performers in 2023, is maintaining its positive trajectory into 2024. The ongoing rally of SOL has caught the attention of Pantera Capital, a prominent asset manager in the cryptocurrency space.
Reports suggest that Pantera Capital is actively seeking funds from large investors for the creation of the Pantera Solana Fund.
Pantera’s $250 Million SOL Purchase Plan
According to reliable sources, Pantera Capital is planning to acquire $250 million worth of Solana (SOL) tokens, specifically from the estate of the now-bankrupt digital asset exchange FTX. This significant move is noteworthy, especially considering Pantera’s status as a crypto-focused asset manager with assets totaling $5.2 billion.
The asset manager is offering investors a unique opportunity to purchase SOL tokens at a discounted rate, approximately 39% below the 30-day average price, or at $59.95 per token. This strategic move is part of Pantera’s plan to leverage the potential to acquire SOL tokens at a reduced price from the FTX estate.
However, in exchange for this discounted purchase option, investors must commit to a vesting period lasting up to four years. This extended vesting period serves as a mechanism to prevent immediate selling pressure on SOL tokens.
Pantera’s Strategy and FTX Estate Holdings
According to Pantera’s pitch document, the FTX estate currently holds approximately 41.1 million Solana coins, valued at $5.4 billion based on the latest market close. Notably, this represents around 10% of the total SOL token supply.
SOL has experienced a remarkable surge of nearly 650% in the past 12 months, making it an appealing asset for the FTX estate to raise funds for creditors. The current price stands at almost four times higher than its value during FTX’s challenges in November 2022.
As of the latest update, Solana’s price has increased by 11% in the last 24 hours, reaching an average price of $142.
FTX’s Involvement and Pantera’s Fund Details
FTX’s co-founder and former CEO, Sam Bankman-Fried, a key figure in the Solana network, is currently awaiting sentencing on multiple counts of fraud, adding complexity to the situation.
Pantera aimed to close the fund by the end of February, with some funds raised by the deadline, although the exact figure remains undisclosed. Investors were required to commit a minimum of $25 million each to participate. Pantera plans to charge a management fee of 0.75% along with a performance cut of 10% for participants in the fund.
