Pantera Capital Acquires Additional Solana Tokens from FTX Sale

Pantera Capital has secured another batch of Solana (SOL) tokens from the FTX bankruptcy estate’s ongoing asset liquidation. This deal is one in a series of auctions aimed at controlling the liquidation of assets owned by the now-bankrupt cryptocurrency exchange FTX. 

A source familiar with the sale disclosed under the condition of anonymity that the sale involved approximately 2,000 SOL tokens. This event is one of the steps in a plan to sell off $2.6 billion worth of Solana tokens, of which a significant portion has already been sold in earlier auctions.

Details of the Sale

It was reported that the Solana tokens were sold at a higher price compared to the ones auctioned in the earlier auctions, indicating the potential of increasing interest in the asset despite the association initially with FTX. The price per token, however, for this auction was not provided exactly, but it has been known to exceed the $60 at which the previous sales have been sold.

Solana’s market price has shown remarkable resilience. But in the wake of the current market sell-off, it has been trading at around $146, a drop of 1.26% in the last 24 hours. The next auction is scheduled to occur soon, and additional tokens are expected to be made available to bidders.

Acquisitions by Investment Firms

Pantera Capital’s continued involvement in such auctions highlights the fund’s investment approach to digital assets that represent long-term growth potential.

By acquiring Solana tokens at a discounted rate, Pantera and other investment entities like Galaxy Digital seek to capitalize on potential future appreciations of the token. This approach also reflects a broader confidence in the blockchain technology underpinning Solana, which continues to develop despite past market turbulences.

Solana’s Price Trend

Although the market had a substantial crash after the collapse of FTX in 2022, Solana showed a very powerful market presence with a 571% rally since the beginning of last year. Such resilience is ascribed to its strong ecosystem development and continuous technical updates.

In addition, the gradual publication of the 41 million locked tokens over four years has been proposed in order to avoid oversaturation of the market, which will cause a sharp fall in the token’s value. This systematic allocation is consistent with the attempts to stabilize the token’s value and assure that it will be introduced smoothly into the market.

Read Also: FBI Issues Warning Against Non-Compliant Crypto Money Services