Pantera Capital Buys Another Trove of Solana Tokens From FTX Auction
(Bloomberg) -- Pantera Capital was among the winning bidders for another trove of discounted Solana tokens auctioned off by the administrators managing the bankruptcy of the former FTX cryptocurrency exchange, according to a person familiar with the sale.
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About 2,000 SOL tokens were sold this week, according to the person, who asked for anonymity because sales information hasn’t been made public. Spokespeople for Pantera and the FTX estate didn’t immediately return requests for comment.
Earlier this month, The FTX estate sold roughly two-thirds of a $2.6 billion hoard of Solana tokens in a deeply discounted deal that drew Pantera and Galaxy Digital, people with knowledge of the matter said at the time.
The 41 million SOL tokens the FTX estate is selling are locked according to a pre-agreed vesting period, meaning they’re not available to trade in the market. They’ll become available for sale gradually over four years.
The tokens were sold at a higher price than the roughly $60 price garnered at the previous auction, according to two people familiar with the sale. More auctions are expected, they said.
Solana’s SOL was little changed at around $145 on Thursday. The token has rallied more than 1,300% since the start of last year. Solana tumbled 94% in 2022, when FTX sought bankruptcy protection.
(Updates to include the vesting period for the tokens in the fourth paragraph.)
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