Pantera Capital Wins FTX Bankruptcy Auction, Snags Solana Tokens

Pantera Capital has emerged as a successful bidder in an auction held by FTX liquidators, acquiring approximately 2,000 discounted Solana (SOL) tokens. This purchase aligns with Pantera's strategy of expanding its Solana portfolio, following their earlier participation in another FTX auction involving 41 million SOL tokens.

Pantera Capital Acquires Solana Tokens in FTX Bankruptcy Auction

New York City, February 24, 2023 - Asset management firm Pantera Capital has emerged as a successful bidder in an auction of discounted Solana (SOL) tokens conducted by the liquidators overseeing the bankruptcy of the former FTX cryptocurrency exchange.

The sale, which included approximately 2,000 SOL tokens, marks Pantera Capital's continued expansion of its Solana portfolio. While the details of the auction remain undisclosed, a source familiar with the matter has confirmed the transaction to Bloomberg. Representatives of both Pantera Capital and the FTX estate have declined to comment.

This latest acquisition follows a significant sale earlier this month, where the FTX estate sold a substantial portion of its $2.6 billion Solana token holdings at a discounted rate. According to sources, Pantera Capital and Galaxy Digital were among the successful participants in that auction.

However, the 41 million SOL tokens sold by the FTX estate are currently locked under a pre-agreed vesting period, restricting their immediate availability for trading. These tokens will be gradually released for sale over a four-year period. Sources indicate that the tokens were sold at a higher price than in the previous auction, which fetched approximately $60 per token.

In related news, Pantera Capital is actively pursuing the launch of a new fund, "Pantera Fund V," with the aim of raising more than $1 billion. This fund will provide investors with a broad investment exposure to blockchain assets, including startup equity, early-stage tokens, and liquid tokens.

If successful, the Pantera Fund V would be the largest fund raised since the tumultuous period of bankruptcies that plagued the blockchain sector in 2022. The new fund will have a minimum investment threshold of $1 million for qualified investors and a first close date of April 1, 2025. Limited partners are expected to contribute at least $25 million.

Insiders familiar with the matter suggest that the Pantera Fund V is anticipated to reach a similar size as its predecessor, which raised approximately $1.25 billion two years ago.

Meanwhile, Solana's native token, SOL, has remained relatively stable since Thursday's trading session, currently valued at $144 per token. Despite minimal fluctuations, SOL has witnessed a significant surge of over 500% year-to-date, contributing to its market capitalization of $64 billion. This performance has propelled Solana to fifth place among the top 10 largest cryptocurrencies, as per CoinGecko data.