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Pantera Capital Purchases Solana Tokens from FTX Estate
Pantera Capital recently acquired a new batch of Solana tokens from the bankrupt FTX estate in a private sale, according to sources familiar with the matter. Details of the transaction were not disclosed as the source chose to remain anonymous, citing confidentiality.
While the exact amount of tokens Pantera obtained in this latest purchase remains unknown, it is confirmed that approximately 2,000 SOL tokens were sold in the private sale. This sale is part of a larger strategy by the FTX estate to liquidate its significant Solana holdings, initially valued at approximately $2.6 billion.
Previous transactions involving Pantera Capital and Galaxy Digital have seen these firms acquiring a considerable portion of Solana assets at discounted rates. However, creditors of the defunct crypto exchange have expressed discontent over the discounted sales, as they seek to recover their debts.
In response to the handling of FTX’s distressed crypto assets, a class action lawsuit has been initiated by Sunil Kavuri, who has criticized FTX for selling off the assets. Kavuri stated on Twitter, “It’s not right for FTX to sell our property. Any value S&C and co-conspirators have destroyed for FTX creditors, they are being sued for through our class actions.”
Solana Market Update
Currently, the FTX estate is in the process of liquidating 41 million SOL tokens according to a vesting schedule that will introduce them gradually to the market over the next four years. The recent sale of Solana tokens by the estate reportedly achieved a price higher than the $60 per token that other buyers have paid.
Despite the bankruptcy of FTX in 2022 leading to a 94% drop in Solana’s value, the token has exhibited a strong recovery, with a remarkable 1,300% appreciation since the beginning of last year. As of now, Solana is trading at $143, experiencing a slight decrease of 1.6% in the past 24 hours, remaining relatively steady compared to the previous week.
Expectations are high for further auctions as the FTX estate proceeds with its asset liquidation process. Official statements from Pantera Capital and the FTX estate regarding the recent sale are still pending.
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