More of FTX’s Solana Has Gone to Pantera Capital in Auction: Report

Pantera Capital successfully bought another batch of Solana tokens from the bankrupt FTX estate, sources familiar with the matter told Bloomberg.

It’s unclear just how much Pantera managed to get in its bid this time, but approximately 2,000 SOL tokens were sold recently in a private sale, with details kept under wraps as the source preferred anonymity, citing the confidentiality of the transaction.

This sale is part of a broader strategy by the FTX estate to liquidate its substantial Solana holdings, initially valued at around $2.6 billion.

Earlier transactions saw Pantera and Galaxy Digital purchasing a significant portion of these assets at a steep discount. But that steep discount didn’t go over well with the defunct crypto exchange’s creditors, who are hoping to recoup their money.

In fact, the handling of FTX’s distressed crypto assets has become the subject of a class action lawsuit spearheaded by Sunil Kavuri.

“It’s not right for FTX to sell our property,” he wrote recently on Twitter.  “Any value S&C and co-conspirators have destroyed for FTX creditors, they are being sued for through our class actions.”

Currently, the FTX estate is disposing of 41 million SOL tokens, which are subject to a vesting schedule that will gradually introduce them to the market over the next four years. The Solana sold earlier this week fetched a higher price than the $60 per token other buyers have paid, the sources told Bloomberg.

Despite FTX’s bankruptcy ordeal in 2022, which saw Solana’s value plummet by 94%, the token has demonstrated a robust recovery, appreciating by over 1,300% since the beginning of last year.

At current prices, Solana is trading for $143 after having dipped by 1.6% in the past 24 hours, and is virtually flat compared to this time last week, per data from CoinGecko.

Further auctions are anticipated as the FTX estate continues to manage its asset liquidation process. Neither Pantera Capital nor the FTX estate have yet to make an official statement regarding the recent sale.