Pantera Capital Chasing Opportunity Arisen from FTX

Pantera Capital is taking action to take advantage of the opportunity arisen with the bankruptcy of the cryptocurrency exchange FTX. The company plans to purchase a portion of the Solana (SOL) assets held by FTX and is making a $250 million offer in this regard. It’s quite apparent that FTX has put its assets for sale to use in bankruptcy.

According to the news given by Bloomberg on March 7, Pantera Capital has taken this step and notified its investors that it is in search of Solana. Following its announcement, it is setting its sights directly on the Solana (SOL) assets owned by FTX. The company aims to achieve this goal through FTX’s assets. In the submitted proposal, Pantera Capital aims to purchase at 39% below the 30-day average price, or from the level of $59.95 for the Solana Fund. However, it is stated that there could be a vesting period of 4 years in exchange for this purchase. So, the SOL assets purchased during this vesting period will remain locked for 4 years.

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It is known that FTX follows a strategy of selling its assets to such investment firms or transferring them to exchanges to repay its assets in the bankruptcy process. In this context, Solana, which is in the hands of FTX, is expected to create a positive impact on the market along with corporate purchases.

With the spreading of this news, Solana (SOL) rose short from $138.5 to $144, with a 4% increase according to CoinGecko data. The interest shown by Pantera Capital to buy Solana assets held by FTX is considered a significant development in the cryptocurrency market.

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