The reasons for the sharp growth of the Solana cryptocurrency have become known

On March 7, Solana, a cryptocurrency created by Ukrainian developer Anatoliy Yakovenko, rose in price by 13%. This is after information about the possibility of Pantera buying a part of FTX shares appeared on the web.

According to Pantera’s estimates, FTX still has at least 41 million SOL tokens, which is approximately $ 5.8 billion. Pantera Capital, a cryptocurrency heavyweight company that manages $ 5.2 billion in assets, has started raising funds to buy $ 250 million worth of Solana (SOL) tokens from FTX.

Pantera hopes to get them at a significant discount. The platform’s management expects to pay 39% below the 30-day average price of SOL or $ 59.95 per token. But the deal will come with an important caveat: Pantera must hold the tokens for 4 years after the sale.

The strategy was described in detail in the marketing materials for the Pantera Solana fund, which were sent to potential investors in February and then passed on to Bloomberg.

If the estimates of the number of SOLs in FTX’s account are accurate, it means that the company owns about 7% of the total supply of Solana tokens and about 9% of the supply that is currently in circulation. The SOL cryptocurrency has experienced tremendous growth after FTX filed for bankruptcy. At the time of writing, SOL has reached a 2-year high of $ 145.16.