Pantera Capital Emerges Victorious in Acquisition of a Stockpile of Discounted Solana From FTX, a Bankrupt Crypto Exchange: Report
Pantera Capital, a crypto asset manager, has emerged victorious in a bid to acquire discounted Solana (SOL) from the bankrupt crypto exchange platform FTX, as per a Bloomberg report citing an anonymous source. The source revealed that Pantera secured the bid to purchase a reduced amount of the Ethereum rival. While the specific terms of the deal remain undisclosed, it is known that 2,000 SOL tokens were sold this week. In April, FTX sold approximately 66% of its $2.6 billion stockpile of SOL at a discounted price of around $60. As of now, SOL is trading at $142, reflecting a 1.85% decline within the past 24 hours. On November 1st, SOL was valued at just $41.40. The report indicates that the Solana tokens sold by FTX are subject to an agreed-upon vesting period and must be held for at least four years. Although the exact details of the sale remain unknown, the anonymous source mentioned that the tokens were sold at a higher price than the previous auction, which was set at $60. Back in March, Pantera announced its intention to raise $250 million for the purpose of purchasing Solana from the failed digital asset exchange. Initially, the company aimed to secure the funds by February, but failed to meet that deadline.