Crypto asset manager Pantera Capital is reportedly raising funds to finance a nine-figure purchase of smart contract platform Solana (SOL) from bankrupt crypto exchange FTX.

According to a new report by Bloomberg, Pantera is seeking funds to buy $250 million worth of the Ethereum (ETH) rival from the failed digital asset exchange.

The report cites marketing materials sent to prospective investors in February, which stipulated that in return for the ability to purchase SOL at 39% of the value of its 30-day average price, investors would have to agree to hold the digital asset for at least four years.

Solana is trading for $147 at time of writing, a 14.2% increase during the last 24 hours and a staggering increase of over 600% during the last year.

Those who wish to participate would have to put in at least $25 million worth of funding, according to the report.

Pantera originally planned on having the funds by the end of February. However, an anonymous person with knowledge of the matter told Bloomberg that they weren’t able to meet their goal but they did raise an undisclosed amount.

In December, blockchain tracker Lookonchain found that $90 million worth of Solana potentially related to FTX had been unstaked and transferred to top US-based crypto exchange platform Coinbase.

In September, court documents revealed that FTX – which went bankrupt in November 2022 after its founder Sam Bankman-Fried was accused of defrauding investors and mishandling billions of dollars worth of customer funds – held over $1.16 billion worth of Solana at the time.

Bankman-Fried was found guilty last year and is currently awaiting to be sentenced.

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Featured Image: Shutterstock/Tithi Luadthong