Asset management firm Pantera Capital has emerged as one of the successful bidders in an auction of discounted Solana (SOL) tokens conducted by the liquidators overseeing the bankruptcy of the former FTX cryptocurrency exchange.

The sale, which included approximately 2,000 SOL tokens, signifies Pantera Capital’s continued interest in expanding its Solana portfolio.

The auction, whose details have not been publicly disclosed, was confirmed to Bloomberg by a source familiar with the matter who requested anonymity. Neither Pantera Capital nor representatives of the FTX estate provided have commented on the recent sale. 

This recent acquisition follows a deal earlier this month in which the FTX estate sold a substantial portion of its $2.6 billion Solana token holdings at a discounted rate. 

According to knowledgeable individuals, Pantera Capital and Galaxy Digital were among the successful participants in the auction transaction.

The 41 million SOL tokens sold by the FTX estate are currently locked under a pre-agreed vesting period, making them unavailable for immediate trading in the market. These tokens will gradually become available for sale over four years.

Sources familiar with the sale indicate that the tokens were sold at a higher price than the previous auction, which fetched approximately $60 per token. 

According to Bloomberg, Pantera Capital is actively pursuing the launch of a new fund to raise more than $1 billion. The fund, dubbed “Pantera Fund V,” aims to provide investors with increased investment options across the spectrum of blockchain assets, including startup equity, early-stage tokens, and liquid tokens.

Should the fundraising efforts prove successful, the Pantera Fund V would be the largest fund raised since the tumultuous period marked by bankruptcies in the blockchain sector in 2022. 

The new fund is also designed with a minimum investment threshold of $1 million for qualified investors. The first close is slated for April 1, 2025. As Bloomberg notes, limited partners are expected to contribute at least $25 million. 

Insiders familiar with the matter, who preferred to remain anonymous, have indicated that the Pantera Fund V is anticipated to reach a similar size as its predecessor, which amassed approximately $1.25 billion in capital two years ago. 

Solana’s native token, SOL, has shown minimal fluctuations compared to Thursday’s trading and is currently valued at $144 per token at the time of writing. SOL has witnessed a significant surge of over 500% year-to-date, contributing to its market capitalization of $64 billion. 

According to CoinGecko data, this performance has propelled Solana to fifth place among the top 10 largest cryptocurrencies in the market.

Featured image from Shutterstock, chart from TradingView.com

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