Pantera Capital buys more Solana (SOL) from FTX

• Pantera Capital has purchased more Solana (SOL) from the FTX bankruptcy estate.
• FTX is auctioning off SOL, with more tokens to be sold to winning bidders.

Pantera Capital has acquired another stockpile of Solana (SOL) tokens at discounted prices from the FTX bankruptcy estate, Bloomberg reported.

The $5.2 billion crypto venture capital firm, secured the new stash of locked SOL after emerging one of the winners in the ongoing auction of Solana tokens.

Pantera, alongside crypto firm Galaxy Digital, scooped more of the altcoin in last month’s $1.9 billion SOL auction. Today’s report says the company has purchased additional tokens from the 2,000 SOL FTX sold this week.

FTX’s estate held over 41 million locked SOL worth more than $6 billion, and the bankruptcy estate’s greenlight to sell has attracted a lot of attention from institutional buyers. Pantera has looked to buy more SOL and has reportedly earmarked up to $250 million for this.

Solana (SOL) price

Solana (SOL) fell below $10 in the wake of FTX’s implosion and bankruptcy filing in November 2022.

 The cryptocurrency rose sharply through 2023, outperforming peers as former FTX CEO Sam Bankman-Fried faced criminal charges and was found guilty. Bankman-Fried was sentenced to 25 years imprisonment in March.

SOL also benefitted from an explosion of meme coins on the blockchain network, with Bonk and dogwifhat standout tokens in late 2023 and early this year.

Solana’s price has however declined from its multi-year highs above $200 reached in March. Currently, its trading around $142, down 23% in the past 30 days and 2% in the last 24 hours.

SOL price could retreat to recent support around $125 amid supply-side pressure, while a bullish flip could propel it towards the recent peak.