According to Bloomberg, blockchain investment company Pantera Capital is currently raising funds from large investors to purchase heavily discounted Solana native tokens (SOL) from the bankruptcy assets of digital asset exchange FTX.
According to marketing materials sent to potential investors in February, Pantera is raising funds for the Pantera Solana Fund, which has the “opportunity” to purchase up to $250 million worth of SOL tokens from the bankruptcy assets of FTX. As part of the exchange conditions to purchase SOL at a price 39% (59.95 USD) below the 30-day average price, investors must agree to a four-year lock-up period.
Proposals like Pantera’s will allow the FTX liquidation team led by John Ray III to sell SOL and free up funds for creditors without exerting direct pressure on the token’s price. According to Pantera’s proposal document, the FTX bankruptcy assets include 41.1 million SOL tokens (worth about $5.4 billion), approximately 10% of the current circulating supply.
According to information provided by investors, Pantera plans to end the fund-raising by the end of February. An insider revealed that the company has already raised some funds before the deadline. It is reported that each investor must commit at least $25 million to participate, and the exchange condition is that SOL tokens will initially be locked and gradually vested over a four-year period.
