Pantera Capital has launched its new crypto-focused investment platform. The company, which manages assets worth $5.2 billion and is a leading asset manager, will be launching a fundraising campaign To purchase discounted Solana(SOL), tokens from the bankrupt estate FTX.
According Bloomberg reported that Pantera Solana Fund is an initiative offering investors the opportunity of purchasing up to 250 million dollars worth SOL tokens, at a significant discounted price to the FTX Estate.
Solana Token Acquisition Plan
Bloomberg reviewed the marketing materials shared by Pantera Capital with potential investors in February. They outline the possibility to purchase SOL tokens for a 39% discount on the 30-day average price or at a $59.95 fixed price.
Bloomberg points out that investors who participate in this opportunity are required to agree to a vesting of up to 4 years. This approach reportedly enables FTX liquidators led by John J. Ray to offload SOL Tokens can be released gradually to creditors, allowing them to receive funds without causing immediate pressure on token prices.
Pantera’s pitch documents states that the band is a “dance-rock” group. FTX estate As of the close on Wednesday’s trading session, approximately 41.1 millions SOL tokens are currently held. They are valued at approximately $5.4 billion. This represents approximately 10% of SOL tokens.
Pantera stated in its investor pitch that the fund would be closed by the end of the month. Bloomberg confirmed that Pantera had secured funds, even though the exact amount was not disclosed.
Investors who are interested in Pantera Solana Fund will need to commit at least $25 million. Pantera Capital will charge a management fee The performance reduction is 10% and the 0.75%.
FTX, and its sister company, Alameda Research have made significant investments in Solana’s ecosystem, including startups.
Bloomberg reported that FTX’s venture division, Solana Ventures, and Lightspeed Venture Partners, announced a joint $100 million blockchain gaming funds in November 2021.
SOL has seen a significant rise in price over the past year, and the intention of the estate to sell these tokens is an opportunity for the estate to raise money to repay its creditors. SOL is trading at nearly four-times its value when FTX was in crisis, November 2022.
Crypto Analyst Forecasts that SOL will shatter previous ATH
SOL, currently the fifth largest cryptocurrency in terms of market capitalization, continues to rise and is trading at $147.
Over the last 30 days, the token’s value has risen by 56%.
SOL is still 43% lower than its previous level despite this upward trend. all-time high The (ATH) is $259 in November 2021. Altcoin Sherpa, a crypto analyst, has argued that the price of bitcoin is likely to rise. believes SOL is likely to break its previous ATH in this market cycle. The only unknown factor is the size of that break.
Altcoin Sherpa believes that reaching the $500 milestone is very likely, but even an even greater achievement like $1000 may not be out of question. The analyst also reiterates their confidence in SOL, saying that it is one of the more significant investments they have made. Altcoin Sherpa has also highlighted the next SOL is at $170, a significant level.
Chart from TradingView.com, image from Shutterstock
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