Pantera Capital, a crypto-asset asset management firm, is reportedly initiating a fundraising campaign with the aim of purchasing Solana tokens from the bankrupt FTX exchange’s estate.
The fundraising effort, known as the Pantera Solana Fund, seeks to acquire up to $250 million worth of Solana’s (SOL) tokens, as revealed in marketing materials shared with potential investors and reported by Bloomberg.
Pantera intends to acquire a portion of FTX’s SOL holdings at a price of $59.95 per token, significantly lower than its previous value of $142 per token. Investors interested in participating in Pantera’s venture are required to commit to a vesting period of up to four years.
According to Pantera’s presentation, the FTX estate holds approximately 41.1 million SOL tokens, valued at around $5.4 billion, which constitutes approximately 10% of the total supply of Solana tokens.
As of the 24-hour period leading up to 11:47 am UTC, SOL experienced a 2.51% increase in value, reaching $142.51. Over the course of the week, SOL has seen a rise of over 10.5%, and on a monthly basis, it has surged by 49.7%, according to data from CoinMarketCap.
Pantera aimed to conclude the fundraising campaign by the end of February, requiring a minimum investment of $25 million from each participant. Management fees of 0.75% and a 10% performance fee are part of Pantera’s proposed structure.
The potential sale of SOL tokens from FTX’s estate would enable the liquidators to initiate repayments to investors of the now-defunct crypto exchange.
FTX, along with Alameda, has reached a preliminary settlement with BlockFi to resolve their legal disputes. FTX has agreed to pay up to $874.5 million to BlockFi and withdraw its claims against the company.
This settlement is expected to resolve BlockFi’s claims against FTX, amounting to approximately a billion dollars, and will involve FTX relinquishing “millions of dollars of avoidance claims and other counterclaims” against BlockFi.
FTX is nearing the conclusion of its bankruptcy proceedings and plans to fully reimburse its customers, amounting to billions of dollars. As part of its efforts to recover funds for creditors, the company has received approval to sell over $1 billion worth of shares in the artificial intelligence firm Anthropic, granted on February 22.