Fun

Pantera launches fundraise to buy $250 million of SOL from FTX estate: Report

News Feed - 2024-03-07 08:03:11

Zoltan Vardai12 hours agoPantera launches fundraise to buy $250 million of SOL from FTX estate: ReportThe $5.2 billion asset management giant is eyeing FTX’s discounted SOL stack worth around $5.4 billion.2099 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksPantera Capital, a crypto-focused asset management firm, is reportedly raising money to buy Solana tokens from the estate of the bankrupt FTX exchange.


Pantera is seeking funds for the Pantera Solana Fund, and it aims to purchase up to $250 million worth of Solana’s (SOL) tokens, according to marketing materials sent to prospective investors seen by Bloomberg.


Pantera is seeking to buy part of FTX’s SOL holdings at $59.95, which is 57% lower than its price of $142 per token at the time of writi. As part of Pantera’s investment opportunity, prospective investors must agree to a vesting period of up to four years.


According to Pantera’s pitch deck, the FTX estate holds 41.1 million SOL tokens, worth roughly $5.4 billion, or approximately 10% of the total Solana token supply.


SOL rose 2.51% in the 24 hours leading up to 11:47 am UTC to trade at $142.51. The token is up over 10.5% on the weekly and 49.7% on the monthly chart, according to CoinMarketCap data.SOL/USD, 1-month chart. Source:CoinMarketCap


Pantera was aiming to close the fund by the end of February, requiring at least $25 million from each investor, according to the pitch deck. Pantera plans to charge a 0.75% management fee and a 10% performance cut.


The potential sale would enable FTX liquidators to start repaying the investors of the now-bankrupt crypto exchange.


FTX and Alameda reached an ‘in principle’ settlement with BlockFi to settle their disputes. FTX agreed to pay up to $874.5 million to BlockFi and drop its claims against the firm.


The settlement would resolve BlockFi’s claims against FTX, totaling approximately a billion dollars, and will also see FTX waive "millions of dollars of avoidance claims and other counterclaims" against BlockFi.


FTX is in the final stages of its bankruptcy process, with plans to fully repay billions of dollars to its customers. As part of its efforts to recover funds for creditors, the company received permission on Feb. 22 to unload more than $1 billion in shares in the artificial intelligence company Anthropic.


Related:Bitcoin miner revenue records second-best day in history# Business# Pantera Capital# Solana# FTXAdd reactionAdd reaction

News Feed

MIT, German central bank will research CBDC privacy in new project
Derek Andersen5 hours agoMIT, German central bank will research CBDC privacy in new projectThe Deutsche Bundesbank is the fourth central monetary authority to conduct research in conjunction with MIT’s Digital Currency
Is Bitcoin Ending 2024 On A High Note? Analysts Say This Level Is Key
Este artículo también está disponible en español. As Bitcoin (BTC) continues to move sideways, investors wonder whether the flagship crypto will end the year positively o
UK Watchdog Asks Crypto ATM Providers to Stop Operating or ‘Face Enforcement Action’
UK Watchdog Asks Crypto ATM Providers to Stop Operating or "Face Enforcement Action" U.K. watchdog, the Financial Conduct Authority (FCA), has told firms running crypto ATMs in the
Derek Andersen3 hours agoVodafone, Sumitomo team up with Chainlink to explore trade documents networkVodafone’s Digital Asset Broker platform and Sumitomo have been working together since May on this proof-of-concept.1
Despite Negative Mining Malware Press, Privacy-Focused Crypto Monero Jumps 36% in 2 Weeks
Despite Negative Mining Malware Press, Privacy-Focused Crypto Monero Jumps 36% in 2 Weeks The privacy-centric crypto asset monero has seen significant gains during the last two wee
UK gov't calls for action on AI copyright, market competition
Arijit Sarkar10 minutes agoUK gov"t calls for action on AI copyright, market competitionThe U.K. government is under pressure to increase AI oversight following a House of Lords report highlighting the need for stricter
China’s largest payments app debuts AI feature that checks if you’re balding
Tristan Greene14 hours agoChina’s largest payments app debuts AI feature that checks if you’re baldingEat your heart out Elon Musk and X.com, China’s Alipay is the real ‘everything app.’3849 Total views14 Total
Bitcoin price dip may retest $55K before next leg up
Zoltan Vardai7 hours agoBitcoin price dip may retest $55K before next leg upBased on the upcoming Aug. 14 CPI reading, Bitcoin lost a key trend line when it fell under $63,000, but it could still be on track to recover.2
Polygon-Based Decentralized Exchange Quickswap Loses $220K in Flash Loan Exploit
Polygon-Based Decentralized Exchange Quickswap Loses $220K in Flash Loan Exploit On Monday, the Polygon-based decentralized exchange (dex) Quickswap lost $220K in a flash loan expl
Tom Blackstone5 hours agoAlphapo payment provider hack now estimated at over $60M — ZachXBTThe on-chain sleuth ZachXBT claims to have found an additional $37 million in losses suffered from the unconfirmed attack.2129
Martin Young4 hours agoPoly Network urges users to withdraw after exploit affects 57 crypto assetsThe Poly Network has been exploited again, this time due to compromised private keys, according to blockchain security fir
Dogecoin Boom Over? Crypto Analyst Warns Of Sudden Sell Signal
Este artículo también está disponible en español. After staging a massive rally, the Dogecoin price is currently in a consolidation phase. And this is also reflected in t