Pantera Capital's $250M Push for Solana Fuels Crypto's Climb

By: Eva Baxter

Pantera Capital, a leading crypto-focused asset management entity, recently announced plans to acquire discounted Solana (SOL) tokens from FTX's bankrupt estate. This initiative, dubbed the Pantera Solana Fund, outlines a $250 million purchase opportunity at a considerable markdown to the FTX estate.

Pantera's marketing assets reveal prospects for acquiring SOL at a price 39% below the 30-day average or a fixed rate of $59.95. Participants must accept a vesting term of up to four years, allowing FTX liquidators to gradually offload SOL tokens. This strategy aims to prevent instant downward price pressure on the cryptocurrency.

A crypto analyst predicts a likely breakthrough of SOL beyond its previous all-time high of $259, potentially reaching $500 or even $1000. Currently, SOL trades at $147 and is the fifth-largest cryptocurrency based on market capitalization. Over the past 24 hours, its price has spiked 14%, displaying a remarkable 56% rise over the prior 30 days.