Pantera eyes $250 million in discounted Solana tokens from FTX estate

Crypto-targeted asset manager Pantera Capital is elevating funds to aquire discounted Solana tokens from the bankrupt FTX substitute, Bloomberg reported on Mar. 7.

Primarily basically based completely on the represent, the firm initiated the Pantera Solana Fund to realize as much as $250 million of SOL tokens from the distressed FTX property. This switch entails buying SOL at a diminished rate of roughly 39%, pegged at around $59.95 per a 30-day common price.

Investors drawn to this substitute must commit to retaining their resources for as much as four years, at some level of which Pantera plans to impose a 0.75% administration rate and a 10% performance rate.

Although the funding spherical used to be slated to attain by the head of February, Pantera managed to earn a allotment of the funds, the actual quantity of which remains undisclosed, basically based completely on a confidential source cited by Bloomberg.

Particularly, this acquisition strategy enables FTX liquidators to bolster their funds with out undue affect on SOL’s market price. On the time of FTX’s collapse, Solana comprised 34.2% of its holdings, with Bitcoin and Ethereum collectively accounting for 22.1%.

Solana’s price scramble

Between Mar. 6 and Mar. 7, Solana skilled a serious surge in price. Solana’s native SOL token is at demonstrate hovering at around $145, marking an approximate 15% earn bigger, basically based completely on CryptoSlate’s records.

This continues a ambitious flee that has considered SOL raze 360% within the previous one year, basically pushed by the total positive market momentum surrounding the introduction of converse Bitcoin substitute-traded funds (ETFs) within the US that propelled BTC’s price to original story highs.

Meanwhile, this upward momentum has attracted original traders to its ecosystem, additional bolstering liquidity and rising hobby in its blockchain skills.

Furthermore, DeFi activities on the Solana blockchain are witnessing a resurgence, with the whole price of resources locked on the community nearing $3 billion. This milestone marks the finest level since Would possibly perchance per chance perchance additionally 2022, basically based completely on records from DeFillama.