Pantera Capital is raising capital to purchase Solana tokens from bankrupt exchange FTX. Bloomberg reported on March 7.
Pantera Capital Prepares To Raise Capital
According to the report, the company has initiated the Pantera Solana Fund to buy back up to 250 million USD of SOL tokens from FTX. The company will buy $SOL at a discount of about 39% (~59.95 USD).
Investors interested in this opportunity must commit to holding their assets for up to four years. During that time Pantera intends to impose a 0.75% management fee and a 10% performance fee.
The funding round is expected to close at the end of February. Pantera has secured part of the capital. The specific quantity has not yet been disclosed.
This procurement strategy allows FTX liquidators to enhance their funds without exerting an unwanted influence on the price of SOL. At the time of FTX's collapse, Solana accounted for 34.2% of total assets. This figure for $BTC and $ETH is 22.1%.
Price Movement of Solana
From March 6 to 7, Solana experienced a significant price increase. The SOL token is currently fluctuating around 145 USD. This price marks an increase of about 15%.
This continues SOL's streak of impressive price increases over the past year. This token has now achieved 360% growth compared to the previous year. The move is mainly due to positive market momentum surrounding the introduction of Bitcoin exchange-traded funds (ETFs) in the US. These developments have also pushed BTC prices to new highs.
This momentum has attracted new investors into the ecosystem. Thereby increasing liquidity and interest in Solana's blockchain technology.
DeFi activities on the Solana blockchain are seeing a resurgence. The total value of assets locked on the network is approaching $3 billion. This mark marks the highest level since May 2022 according to data from DeFillama.
