As per February’s marketing documents, prospective investors were offered the opportunity to purchase SOL at a 39% discount but subject to a four years vesting period
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On March 8, reports emerged indicating that Pantera Capital, a cryptocurrency-focused asset manager boasting a $5.2 billion portfolio, is seeking funds to acquire Solana (SOL) tokens from the bankrupt estate of FTX.
Pantera Capital’s plan involves procuring SOL tokens at a rate 39% lower than the 30-day average market price or a fixed rate of $59.95 per token. This discounted purchase is contingent upon agreeing to a vesting period extending up to four years.
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This strategic move will furnish the FTX estate with the liquidity needed to meet its creditor obligations without triggering a market crash that could negatively impact $SOL prices. Moreover, the discounted rate provides investors with an opportunity to capitalize on Solana’s potential despite associated risks.
FTX, which initiated Chapter 11 bankruptcy proceedings in US courts in November 2022, holds approximately 41.1 million SOL coins, valued at $5.4 billion based on Wednesday’s closing price. This constitutes roughly 10% of the total SOL supply, as indicated in Pantera’s report.
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Tony Chimdiuto