Pantera Capital, a US hedge fund firm focused in investments in cryptocurrencies and digital assets, is looking to raise capital for a new fund that will acquire discounted solana (SOL) tokens from the beleaguered FTX estate, according to a report by Bloomberg.
The reports cites documents sent by Pantera to potential investors as revealing that the company has an opportunity to buy up to $250m of SOL tokens at a 39% discount below a 30-day average price of $59.95.
The purchased tokens would then be vested for at least four years, with the deal allowing the FTX estate to liquidate its SOL holdings, and free up funds for creditors.
SOL was one of the top-performing major tokens in 2023, and is up nearly 600% over the past year, compared with bitcoin’s 200%.
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