Pantera Capital to Invest $250 Million in Solana from FTX

Digital asset manager Pantera Capital aimed to raise up to $250 million by the end of February to purchase Solana (SOL) from FTX, according to Bloomberg.

Journalists examined materials intended for potential investors.

The minimum investment threshold was set at $25 million.

The annual management fee was 0.75%. Pantera Capital would waive this fee if the profitability level did not reach 10%.

According to the presentation, FTX holds approximately 41.1 million SOL — 10% of Solana’s supply — valued at $6.1 billion.

Pantera Capital seeks to acquire Solana at $59.95, representing a 59.6% discount to the current price of $148.34, according to CoinGecko.

The offer includes a lock-up period of up to four years.

The news boosted Solana’s price, with a 2.5% increase within the following hour. Daily growth reached 4.6%. Over the past 30 days, the coin has risen by 54.5%.

The deal’s execution would provide additional liquidity for the management of the reorganizing exchange to pay creditors.

On February 22, the Delaware bankruptcy court approved the sale of FTX’s 7.84% stake in AI company Anthropic for $1 billion.

On March 5, the liquidating lending platform BlockFi reached a principal agreement to settle claims against FTX and Alameda for $874.5 million.

In December 2023, the exchange presented a revised reorganization plan. According to the document, assets will be valued at the rate on the bankruptcy filing date — November 11, 2022.