Pantera plans to acquire SOL from the FTX restructuring party at half price and lock the position for four years

Cryptocurrency venture capital firm Pantera Capital is seeking to raise funds from large investors, with plans to acquire Solana (SOL) tokens at a discount as a way to acquire FTX bankruptcy, Bloomberg reports Tokens in the hands of the team.

Pantera intends to lock up its position for four years and acquire SOL at half price

Bloomberg cited Pantera’s marketing materials released for potential investors in February and pointed out that Pantera “has the opportunity” to acquire a large amount of SOL from FTX:

• SOL Token: Market price is approximately US$250 million

• Purchase price: -39% lower than the 30-day average price, or 59.95 Buy SOL options in US dollars

• Investment amount: US$25 million per investor

• Conditions: Pantera needs to agree to a 4-year lock-up period During this period, you can pledge SOL

• Pantera will charge a 0.75% management fee

Why does FTX sell SOL at a discount?

Bloomberg pointed out that Pantera’s proposal would allow FTX’s current CEO and liquidator John Ray to release funds for creditors more quickly and would not immediately put downward pressure on SOL.

Pantera data for the investment case shows that FTX still holds 41.1 million SOL tokens worth $5.4 billion, accounting for about 10% of the total supply.

Informed sources pointed out that Pantera closed the fund at the end of February and has raised some funds. People familiar with the matter declined to provide specific figures.

Bloomberg also mentioned that Phoenix Digital, founded by Tian Cheng, a former credit trader at Jefferies Financial Group, is also trying to secure a similar deal, seeking to acquire SOL from FTX for $64, which is about 51 %the discount of.

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