Pantera Capital eyes $250 million SOL purchase from FTX estate

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Pantera Capital eyes $250 million SOL purchase from FTX estate
by
Vince Dioquino
Yesterday
The proposed Pantera Solana Fund aims to capitalize on the discounted FTX holdings.
Pantera Capital eyes $250 million SOL purchase from FTX estate
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Pantera Capital recently announced it is raising funds to acquire up to $250 million worth of Solana (SOL) tokens at a discounted rate from the bankrupt FTX exchange’s estate.

According to information obtained by Bloomberg, Pantera is launching the Pantera Solana Fund to facilitate the purchase of SOL tokens from FTX’s holdings. The firm aims to acquire the tokens at a discounted price of $59.95 per SOL, approximately 57% lower than the current market price of around $142 per token. Pantera claims that the FTX estate holds roughly 41 million SOL tokens, worth around $5.4 billion, representing 10% of the total Solana token supply.

Notably, the fundraising program specifies that prospective investors are required to agree to a vesting period of up to four years, during which they would be unable to move out the tokens. The fund is also subject to a 0.75% management fee and a 10% performance cut.


FTX reaches ‘in principle’ agreement with BlockFi
This follows a recent development from FTX, in which the exchange, alongside Alameda Research, has agreed to an ‘in principle’ settlement with BlockFi. A court filing dated March 6 at a New Jersey bankruptcy court unveiled an in-principle agreement between BlockFi and FTX-Alameda. Still pending court approval, the settlement would grant BlockFi about $874 million, and all charges made by FTX will be dropped.

Once approved, BlockFi will receive $185 million from FTX and $689 million from Alameda Research. The former is the total amount of customer assets held by BlockFi at the time of its collapse, while the latter is the total amount of loans made by Alameda. The agreement also contains a priority $250 million secured claim for BlockFi once FTX’s reorganization plan is approved.

Both BlockFi and Pantera are investors in Blockfolio, a portfolio company that was acquired by FTX in 2020. This investment has resulted in limited exposure to FTX for Pantera Capital, with the FTX exposure from the Blockfolio investment constituting roughly 2% of the firm’s total assets under management (AUM).

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Restructuring and new funding prospects
The sale of FTX’s discounted SOL holdings to Pantera could potentially provide the funds needed by the FTX estate, enabling the liquidators to begin repaying the investors of the now-bankrupt crypto exchange and paying out to affected users. Notably, FTX is reportedly seeking new ways to recover funds for creditors, recently receiving permission to unload more than $1 billion in shares in the artificial intelligence company Anthropic.

Meanwhile, the Solana (SOL) token has experienced notable price movements, rising 11.7% in the past 24 hours (estimate) to trade at $142.45 and gaining over 10% on the weekly chart, according to data from CoinGecko.

The proposed Pantera Solana Fund aims to capitalize on the discounted FTX holdings, presenting a potentially attractive investment opportunity amid the restructuring efforts of the FTX estate.

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Fireblocks announces Michal Ferguson as its new CMO in a push for growth
by
Gino Matos
Yesterday
Fireblocks gears up for growth with strategic CMO appointment.
Fireblocks announces Michal Ferguson as its new CMO in a push for growth
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Michal Ferguson has been named the new Chief Marketing Officer (CMO) at digital asset services provider Fireblocks. According to the announcement, Ferguson’s arrival marks a significant commitment by Fireblocks to the non-custodial and counterparty-free-risk markets, aiming to benefit both individual users and institutions. The announcement follows recent high-profile team additions, including Michael Levine as Chief Financial Officer (CFO) and Madan Gadde as Chief Customer Officer (CCO).

Before Fireblocks, Ferguson was instrumental in scaling the go-to-market functions at Snyk, a cybersecurity firm valued at $7.4 billion. With Fireblocks experiencing a surge in growth, including $53 billion in monthly outbound volume and a 160% increase in monthly active wallets, Ferguson’s role as CMO will be pivotal in promoting a counterparty-risk-free infrastructure.


“It is such a pivotal time to join the Fireblocks team, particularly as we stand at the cusp of another great market expansion,” says Michal Ferguson, Fireblocks’ new CMO. “The platform’s versatility and commitment to addressing the evolving needs of digital assets’ growing customer base has enabled it to make massive strides across payments, tokenization, and on-chain development. With the anticipation of doubling the number of active customers this year, our goal is to ensure that we safeguard every new dollar that gets onboarded into the crypto ecosystem.”

Fireblocks states that the appointment comes at a time when the industry is witnessing a shift towards self-custody solutions, mentioning Chainalysis’ “Geography of Cryptocurrencies” report and its data on users adopting more self-custody methods. The decentralized finance (DeFi) sector’s growth, with an increase in Total Value Locked, underscores the trend toward systems that reduce counterparty risk.

“The explosion of new innovations over the last six months has led to a ‘crypto renaissance’ that’s spreading like wildfire across financial and non-financial sectors,” Michael Shaulov, CEO of Fireblocks. “In welcoming Michal, the collective prowess of our leadership team drives us toward our goal of serving thousands of new businesses and equipping everyone with the tools they need to securely deliver new on-chain apps, products, and services at scale.”

Fireblocks’ non-custodial MPC technology has been widely adopted for various applications, including CeFi and DeFi exchanges, liquidity networks, staking solutions, web3 games, asset tokenization, and NFT marketplaces, among others.

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BONK receives CoinMarketCap's "Meme Coin of the Year" award
by
Gino Matos
2 days ago
Crypto Awards 2024 spotlight Solana, BlackRock, and industry innovators.
BONK receives CoinMarketCap's
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CoinMarketCap revealed on Mar. 6 the victors of the “CMC Crypto Awards 2024” and gave the “Meme Coin of the Year” to Solana’s BONK. The meme coin registered its all-time high on Mar. 4, after rising 232% in seven days. Since its inception, BONK has risen by almost 36,700%.

The event recognizes the most valuable contributors to the crypto and Web3 spheres. The winners were chosen after a process involving online public voting, expert analysis, and committee deliberations.

Solana took home the “Crypto of the Year” award, while BlackRock was named “Bridge Builder of the Year”, and ZachXBT was spotlighted as the “Social Influencer to Watch”. In the realm of innovation, Celestia was recognized for its work on L1/L2/Cross-Chain projects, Pudgy Penguins for NFT & Gaming, and Uniswap for DeFi.

“It was impossible to pick just one winner,” said Rush Luton, CEO of CoinMarketCap. “All five of the nominees have contributed so much over the last 12 months but in very different ways and we wanted to recognize all their tremendous efforts to move the industry forward.”

The highlight was the unprecedented decision to share the “Crypto Leader Of The Year Award” among all nominees. Vitalik Buterin, Ryan Selkis, Brian Armstrong, CZ, and Julia Leung were jointly celebrated for their significant contributions to the industry.

“We’ve been overwhelmed by positive feedback from both our users and the industry,” said Jonathan Isaac, CMO of CoinMarketCap. “We’re excited to make the CMC Crypto Awards even bigger and with the market looking so bullish, it’s thrilling to imagine the stories we’ll be celebrating next year.”

The event featured insights from industry experts like Raoul Pal and Rush Luton, reflecting on a tumultuous yet resurgent year for crypto. The positive reception of the Awards Ceremony has spurred CoinMarketCap to envision an even grander event for the following year, as shared by Jonathan Isaac, CMO of CoinMarketCap.

The CMC Crypto Awards got the support of players such as BingX, Animoca Brands, and Binance, as a sign of the crypto community’s resilience and promise.

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