Pantera Capital, the first crypto fund in the U.S., won some of the bids for the 41 million in locked Solana tokens during an FTX estate auction this week.
Bloomberg reported today, citing an anonymous person close to the matter, that Pantera added to their winnings among other bidders as 2,000 SOL tokens sold this week.
FTX, one of the largest cryptocurrency exchanges of its time, went bankrupt in 2022, leaving its crypto holdings under lock. Solana (SOL) made up a majority of these holdings, with over 41 million tokens to be liquidated.
The SOL tokens the FTX estate is selling are locked under a pre-agreed vesting period, meaning they cannot be traded in the market. However, they will gradually become available over the next 4 years.
These SOL tokens have seen high demand from institutional investors, eager to leverage the opportunity to grab some Solana at a discount.
Pantera Capital, an American hedge fund and venture capital firm that manages $5.2 billion in digital assets, is a particularly interested party.
Since early March, Pantera has been raising money to create a fund to purchase up to $250 million worth of locked Solana from the estate.
And they have been successful, winning some of the $2.9 billion of SOL sold earlier this month along with Galaxy Digital at $64 each, significantly below the $178 trading price at the time.
However, the tokens were sold for a higher price than the previous auction. The Bloomberg source did not disclose the exact price, but it will be revealed once the sale information is made public:
“More auctions are expected.”
FTX Estate Auction Shakes Up Crypto Market
These discounted sales raise concerns about FTX’s debt repayment capacity and have sparked accusations of creditor rights violations.
The four-year locked sale terms have fueled dissatisfaction, affecting Solana’s market stability and highlighting the volatility and risks associated with cryptocurrency investments.
Price action after the report indicates a negative sentiment around Solana, which saw the SOL price retracing 2.3% since the publication. However, further decline is possible because the complete sale information has not yet been made public.
On the other hand, some believe the news is a bullish indicator for Solana’s future with major players in the space showing renewed confidence in its long-term performance.
The post Pantera Capital Secures More Solana Tokens in FTX Bankruptcy Auction: Bloomberg appeared first on Cryptonews.
