Pantera plans to acquire SOL from FTX restructuring, allowing pledging and a 50% discount, with a four-year lock-up period.

According to a Bloomberg report, cryptocurrency venture capital firm Pantera Capital is raising funds from large investors in an attempt to acquire Solana's SOL tokens at a significant discount from the bankrupt FTX team.

Pantera Plans 4-Year Lockup, Half-Price Acquisition of SOL

Bloomberg cited marketing materials released by Pantera in February to potential investors, indicating that Pantera has the "opportunity" to acquire a significant amount of SOL from FTX:

• SOL Token: Market value around $250 million

• Acquisition Price: Below the -39% 30-day average price, or buying SOL options at $59.95

• Investment limit: $25 million per investor

• Conditions: Pantera must agree to a 4-year lockup period, during which SOL can be staked

• Pantera will receive a 0.75% management fee

Why is FTX Selling SOL at a Discount?

Bloomberg noted that Pantera's proposal would allow FTX's current CEO and liquidator, John Ray, to release funds to creditors more quickly without immediately putting downward pressure on SOL.

According to data provided by Pantera regarding the investment case, FTX still holds 41.1 million SOL tokens worth $5.4 billion, accounting for about 10% of the total supply.

Sources revealed that Pantera closed the fund at the end of February and has already raised some funds, although specific numbers were not disclosed.

Bloomberg also mentioned that Phoenix Digital, founded by Tian Cheng, a former credit trader at financial group Jefferies Financial Group, is also attempting similar transactions, seeking to acquire SOL from FTX at $64, representing a discount of about 51%.