Crypto asset supervisor Pantera Capital is reportedly elevating funds to finance a nine-figure buy of good contract platform Solana (SOL) from bankrupt crypto trade FTX.
In accordance with a brand new report by Bloomberg, Pantera is looking for funds to purchase $250 million price of the Ethereum (ETH) rival from the failed digital asset trade.
The report cites advertising supplies despatched to potential traders in February, which stipulated that in return for the flexibility to buy SOL at 39% of the worth of its 30-day common worth, traders must agree to carry the digital asset for no less than 4 years.
Solana is buying and selling for $147 at time of writing, a 14.2% enhance over the last 24 hours and a staggering enhance of over 600% over the last yr.
Those that want to take part must put in no less than $25 million price of funding, in line with the report.
Pantera initially deliberate on having the funds by the tip of February. Nevertheless, an nameless individual with data of the matter advised Bloomberg that they weren’t in a position to meet their purpose however they did elevate an undisclosed quantity.
In December, blockchain tracker Lookonchain discovered that $90 million price of Solana doubtlessly associated to FTX had been unstaked and transferred to high US-based crypto trade platform Coinbase.
In September, court docket paperwork revealed that FTX – which went bankrupt in November 2022 after its founder Sam Bankman-Fried was accused of defrauding traders and mishandling billions of {dollars} price of buyer funds – held over $1.16 billion price of Solana on the time.
Bankman-Fried was discovered responsible final yr and is at present awaiting to be sentenced.
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