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Pantera Capital Acquires Additional SOL Tokens from FTX Bankruptcy Auction
In a recent auction related to the FTX bankruptcy, California-based Pantera Capital has successfully bid for another batch of Solana’s SOL tokens at a discounted rate. This Menlo Park-headquartered venture capital firm continues to secure assets from the dismantled crypto exchange’s holdings.
A Bloomberg report indicates that earlier this week, Pantera Capital secured 2,000 SOL tokens, which are currently valued at approximately $288,000 in the market. The exact discount rate at which the tokens were acquired remains undisclosed, though it was noted that they fetched a price higher than the roughly $60 each achieved in a prior auction.
The identity of other bidders in this auction has not been revealed, but it is known that Pantera was among the select winners. Previously, FTX’s estate sold about two-thirds of a $2.6 billion cache of Solana tokens primarily to Pantera and Galaxy Digital, another leading firm focusing on cryptocurrency investments.
Currently, the FTX estate is in the process of offloading 41 million SOL tokens, which are bound by a pre-determined vesting schedule, rendering them untradable in the open market for now. The possibilities for these tokens to be exchanged via over-the-counter (OTC) transactions have not been clarified.
At the height of the bankruptcy proceedings, FTX reported possession of approximately 60 million SOL tokens and 21,482 BTC. The collapse of FTX in November 2022, which was precipitated by severe allegations of embezzlement and the mismanagement of billions in customer funds by its management and associated entities like Alameda Research, led to significant upheavals in the crypto world. Sam Bankman-Fried, the CEO of the exchange, was consequently sentenced to 25 years in prison and ordered to pay restitution amounting to $11 billion.
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