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Pantera Capital Wins Bid To Purchase a Stash of Discounted Solana From Bankrupt Crypto Exchange FTX: Report

April 26, 2024

Crypto asset manager Pantera Capital has reportedly won a bid to purchase discounted Solana (SOL) from bankrupt crypto exchange platform FTX.

According to a new report by Bloomberg, an anonymous person familiar with the matter says that Pantera won a bid to purchase a discounted stash of the Ethereum (ETH) rival.

Though the details of the deal haven’t been made public yet, the person says that 2,000 SOL tokens were sold this week. Earlier in April, FTX sold about 66% of its $2.6 billion trove of SOL at a discounted price of about $60.

SOL is trading for $142 at time of writing, a 1.85% decrease during the last 24 hours. On November 1st, SOL was trading for just $41.40.

The report says that the Solana sold by FTX is locked by an agreed-upon vesting period and will have to be held for at least four years.

Though the exact specifics of the sale are currently unknown, the anonymous source said that the tokens were each sold at a higher price than they went for during the last auction, which was $60.

In March, Pantera announced that it was going to fundraise $250 million as a means of purchasing Solana from the failed digital asset exchange. The firm originally planned to have the money by February but could not meet that deadline.

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