Pantera Capital buys more Solana (SOL) from FTX estate

Investment company Pantera Capital has purchased more Solana (SOL) tokens from the bankrupt estate of FTX. The fallen crypto exchange has had to liquidate no less than 2.6 billion dollars worth of SOL tokens. Pantera Capital was already a previous buyer of Solana, Bloomberg news agency reports based on sources close to the matter.

Pantera Capital buys more Solana (SOL)

It is not clear how much Pantera managed to acquire this time. Recently, approximately 2,000 SOL tokens were sold in a private sale, the details of which have been kept secret. This sale is part of monetizing FTX’s crypto holdings, including the SOL. In total, SOL alone amounts to $2.6 billion.

Previously, Pantera and Galaxy Digital also had to buy a large part of the FTX contents. But the low prices at which the coins were sold are not appreciated by affected FTX customers. In fact, the way FTX handled its distressed crypto assets is the subject of a class action lawsuit led by Sunil Kavuri.

“It is not right for FTX to sell our property,” he recently wrote on Twitter. After which he announces a class action lawsuit against the administrators of FTX.

It’s not right for FTX to sell our property.

Any value S&C and co-conspirators have destroyed for FTX creditors, they are being sued for through our class actions. This value is at current prices not their BS petition date pricing lies

— Sunil (FTX Creditor Champion) (@sunil_trades) April 21, 2024

The Solana sold earlier this week fetched a higher price than the $60 per token paid by other buyers, sources told Bloomberg.

Despite FTX’s 2022 bankruptcy woes, which saw Solana’s value fall by 94%, the token has shown a robust recovery, with its value up over 1,300% since the start of last year. More auctions are expected as the FTX asset continues its asset liquidation process. Neither Pantera Capital nor the FTX ownership have yet made an official statement on the recent sale, Decrypt reports.