Leading investment firm Pantera Capital is preparing to purchase $250 million worth of Solana (SOL). Pantera intends to establish its presence in the SOL market by obtaining tokens at a reduced price by borrowing from the insolvent FTX exchange.
The goal of Pantera's latest initiative, the Pantera Solana Fund, is to get SOL tokens for less than $59.95 each — more than half of their current $147.32 value. 10% of all SOL tokens are these cuts of SOL, which suggests a significant upheaval in the SOL market.
This action is in line with FTX's efforts to patch things up with BlockFi, dropping all accusations against the competitor in a deal that is estimated to be worth $874M. BlockFi will receive $185M from FTX and $689M from Alameda Research, upon approval from the court, to initiate FTX's plan for restructuring.
SOL's value has been fluctuating during these changes — trading at $147.32 at the time of writing. With FTX making a strong effort to recover, it gives Pantera a fantastic opportunity to pull off a significant win.
