Crypto-focused investment firm Pantera Capital, with $5.2 billion under its management, aims to purchase a portion of Solana (SOL) assets from the bankrupt FTX.
According to a Bloomberg report on March 7, Pantera Capital is gearing up to acquire $250 million worth of Solana assets from the bankrupt crypto exchange FTX.
In a note to its investors, the company stated that they are seeking Solana for the Pantera Solana Fund and that it could be acquired through FTX’s assets.
The offer proposes to purchase Solana assets at 39% below or $59.95, using the 30-day average price, with a 4-year vesting period.
Struggling in bankruptcy court, FTX is selling its assets to investment firms like Pantera Capital at a discount or transferring them to exchanges through market makers. The abundant supply of Solana held by FTX, coupled with the purchases by companies like Pantera Capital, is perceived as positive news amidst the selling pressure.
With the impact of the news, SOL surged by 4% to reach $144 from $138.5.
