Terraform Labs backer Pantera Capital gradually withdrew nearly 80% of its Terra LUNA holdings over the past year, saving itself from significant damages from the de-pegging of TerraUSD (UST) and the network’s collapse last week, The Block reported.
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Fast facts
- Pantera liquidated around 80% of its investment in Terra LUNA over the past year, turning US$1.7 million into about US$170 million, Pantera partner Paul Veradittakit told The Block.
- About two-thirds of its remaining investment in LUNA was liquidated at an average price of US$25.60, while the rest could not be sold as they were locked in staking protocol LunaX.
- Joey Krug, co-CIO at Pantera, said the firm sold its investments in LUNA to diversify its portfolio.
- Pantera was among a star-studded lineup of investors pouring US$150 million into the Terra ecosystem in July 2021, alongside the likes of Arrington Capital and Galaxy Digital.
- Pantera also took part in Terra’s US$25 million funding round in January 2021.
See related article: Terra commences voting on Do Kwon’s LUNA revival plan
