Pantera Capital, a cryptocurrency investment firm managing over US$5 billion in assets, is actively raising funds to purchase Solana (SOL) tokens valued at US$250 million from the assets of the bankrupt exchange FTX.

The firm is seeking to capitalize on the opportunity to buy these tokens for US$59.95 each, which is 39% below Solana’s 30-day average price.

This potential acquisition is part of a strategic investment through the Pantera Solana Fund, which targets large investors and requires a minimum investment of US$25 million.

Investors participating in this deal are expected to commit to a vesting period of up to four years, indicating Pantera’s long-term confidence in the potential of Solana.

The move comes after FTX’s collapse in November 2022, which led to a liquidity crisis and subsequent Chapter 11 bankruptcy protection filing.

FTX’s estate was granted permission by a bankruptcy court in September to sell US$3.4 billion worth of Bitcoin, Ethereum, and Solana, with a weekly cap of US$100 million in sales.

SOL rose 13.7% in the past 24 hours to US$147 at noon, ET, according to CoinGecko data.

SOL has the fifth-largest market capitalization in the world among cryptocurrencies with over US$65 billion.

It is also the second-most popular blockchain for NFTs, with over US$5.1 billion in sales, according to CryptoSlam data.