Summary
TLDR: Pantera Capital is raising funds to buy $250 million worth of SOL tokens from FTX at a discount. They plan to hold onto the tokens for up to 4 years. FTX collapsed in November 2022 and is selling off assets, including SOL. Pantera’s move has been well-received by the Solana community.
Key Points
1. Pantera Capital, with $5.2 billion in assets, is raising funds to buy $250 million worth of Solana (SOL) tokens from FTX at a deep discount.
2. The deal requires Pantera to pay 39% lower than SOL’s 30-day average price, or $59.95 per token, and hold onto the tokens for up to 4 years.
3. FTX still holds an estimated 41 million SOL, worth roughly $5.8 billion, which accounts for about 7% of Solana’s total token supply and 9% of the circulating supply.