Pantera Capital, a well-known crypto investment company, is making a splash in the industry with its plan to acquire a significant amount of altcoin Solana (SOL) from the property of the bankrupt FTX exchange. If successful, this move could have a huge impact on the SOL market and the broader crypto world.
Investment company will buy altcoins
According to reports, Pantera is raising funds through the “Pantera Solana Fund” with the aim of purchasing up to $250 million in SOL tokens. This translates to approximately 4.15 million tokens based on the targeted purchase price of $59.95 per token. This price point represents a significant 57% discount compared to SOL’s current market price. It is also hovering around $142 per token as of March 7, 2024.
But potential investors in the Pantera Solana Fund have a warning. Participation comes with a vesting period of up to four years. This means that investors will not have immediate control over the SOL tokens they acquire. This lock-in period is likely a strategy by Pantera to manage potential market volatility and ensure long-term commitment from investors.
SOL rose with Pantera’s acquisition news
News of Pantera’s potential acquisition has already caused ripples in the crypto market. cryptokoin.com According to data, the SOL token has gained 8% in the 24 hours leading up to March 7, 2024, and has seen an impressive 10.5% increase on the weekly chart. This positive price movement can be attributed to investors’ optimism about potential acquisitions and its impact on increased demand for SOL.
Looking at the bigger picture, Pantera’s move highlights the ongoing consolidation in the crypto industry, especially following the collapse of FTX. Established players like Pantera are seizing opportunities arising from distressed assets. It shows their long-term confidence in certain projects like Solana, while potentially benefiting from discounted prices.
It’s worth noting that this is a developing story and more details on the details of the deal and its potential impact on the market will likely emerge in the coming days. However, Pantera’s interest in purchasing a significant amount of SOL from FTX assets has already sparked controversy and intrigue within the crypto community. This move, if it comes to fruition, could have lasting consequences on the course of the SOL ecosystem and the broader crypto market in the coming months.
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