Someone’s Trying To Buy 1% of Solana’s Circulating Supply From FTX (And the Market Is Loving It!)

TL;DR

• Pantera Capital wants to buy 1% of SOL’s circulating supply from FTX and hold it for four years (which has helped push SOL’s price up 13% over the past 24 hrs).

Full Story

Perception is a funny thing…

Like — if one billionaire sells their home to another — is that:

A) A positive reflection on the neighborhood (a billionaire wants to buy here!)
— or —
B) A negative reflection on the neighborhood (a billionaire wants to sell here!)

It’s really all about perception.

Same thing goes for private sales of cryptocurrency — like the one rumored to be happening between FTX and a crypto management firm, Pantera Capital.

In this case, it seems it’s being seen as a good thing.

Pantera wants to buy $250M worth of SOL, from FTX’s $5.8B bag — and the rumored purchase has helped to push SOL’s price up 13%, to ~$148, over the past 24 hrs.

But here’s the twist:

Pantera is pitching to buy $250M worth of SOL, not at $148 per token — but at $59.95.

(That’s a helluva discount!)

If this deal were to go through, Pantera would have to hold that SOL for at least four years.

☝️ And that right there, is why the market is LOVING this news:

Pantera wants to buy up 1% of Solana’s circulating supply, and hold it till 2028.