TL; DR
Full story
Perception is a funny thing…
Like – if one billionaire sells his house to another – that’s:
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.
The same goes for private cryptocurrency sales – such as those reportedly taking place between FTX and a crypto management company, Pantera Capital.
In this case, it seems like it’s seen as a good thing.
Pantera wants to buy $250 million worth of SOL, out of FTX’s $5.8 billion pocket – and rumors of the purchase have helped push SOL’s price up 13% in the past 24 hours to around $148.
But here’s the twist:
Pantera wants to buy $250 million worth of SOL, not for $148 per token, but for $59.95.
(That’s a big discount!)
If this deal goes through, Pantera would have to keep that SOL for at least four years.
☝️ And that’s exactly why the market loves this news:
Pantera wants to buy 1% of Solana’s circulating supply and hold it until 2028.