Crypto asset manager Pantera Capital is reportedly raising money to finance a nine-figure purchase of the smart contract platform Solana (SOL) from bankrupt crypto exchange FTX.
According to a new one report by Bloomberg Pantera is seeking funding to buy $250 million worth of Ethereum (ETH) rival from the failed digital asset exchange.
The report cites marketing materials sent to potential investors in February stating that in exchange for the opportunity to purchase SOL at 39% of the value of its 30-day average price, investors would have to agree to own the digital asset for at least four years.
Solana is trading at $147 at the time of writing, up 14.2% over the past 24 hours and a staggering increase of over 600% over the past year.
Those wanting to participate would need to invest at least $25 million in financing, according to the report.
Pantera originally planned to receive the money by the end of February. However, an anonymous person with knowledge of the matter told Bloomberg that they were unable to reach their goal but did raise an undisclosed amount of money.
In December, blockchain tracker Lookonchain discovered that Solana worth $90 million, which was possibly linked to FTX, had not been staked and had been transferred to US crypto exchange platform Coinbase.
In September, court documents revealed that FTX — which filed for bankruptcy in November 2022 after founder Sam Bankman-Fried was accused of defrauding investors and mishandling billions of dollars in customer funds — sold Solana more than $1.16 billion at the time had hands.
Bankman-Fried was found guilty last year and is currently awaiting sentencing.
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Featured image: Shutterstock/Tithi Luadthong