Pantera targets $250M SOL buyout, US contests Kwon's extradition to South Korea, Optimism completes $90M token sale, SEC delays Bitcoin ETF options.
Pantera Fundraises to Buy $250M SOL from FTX Estate

Pantera Fundraises to Buy $250M SOL from FTX Estate

Pantera targets $250M SOL buyout, US contests Kwon's extradition to South Korea, Optimism completes $90M token sale, SEC delays Bitcoin ETF options.

Last update:
Mar 9, 2024
| Issue

Welcome to the final edition of Datawallet Daily for the week. Here’s your rundown of the essential crypto news from the past 24 hours:

Pantera Fundraises to Buy $250M SOL from FTX Estate

Pantera Capital is launching a fundraising campaign to acquire up to $250 million worth of Solana (SOL) tokens from the bankrupt FTX’s estate, aiming to purchase these tokens at $59.95 each, which is 57% below their current market price of $142. The crypto-focused asset manager intends to close the Pantera Solana Fund by the end of February, seeking a minimum investment of $25 million from each investor.

Investors are expected to adhere to a four-year vesting period, with Pantera charging a 0.75% management fee and a 10% performance fee. This effort coincides with FTX’s ongoing bankruptcy proceedings and its attempts to settle debts with creditors, including a notable settlement with BlockFi.

US to Contest Do Kwon’s Extradition to South Korea

U.S. prosecutors intend to continue their efforts to extradite Terraform Labs co-founder Kwon Do-hyeong from Montenegro, despite a Montenegrin high court’s recent decision to extradite him to South Korea. This decision reverses an earlier court ruling favoring his extradition to the U.S. Kwon’s defense prefers extradition to South Korea, where legal experts anticipate he may face lighter consequences. The U.S. Department of Justice asserts its ongoing pursuit for Kwon’s extradition, aligning with international agreements and Montenegrin law. 

The final decision on Kwon’s extradition lies with Montenegro’s Minister of Justice, amidst ongoing trials of Terra’s other executives in South Korea. Kwon, sought for fraud charges linked to Terra’s collapse, which eradicated $40 billion in investor wealth, was arrested in Montenegro for using a fake passport and has denied all fraud accusations.

Optimism Sells $90M Tokens in Private Deal

The Optimism Foundation has executed a private sale, offloading approximately 19.5 million OP tokens, valued at around $90 million. This follows a previous sale in September 2023, where 116 million tokens were sold. The recent transaction, part of the foundation’s strategic financial moves, includes a two-year vesting period, during which the buyer is restricted from selling but can participate in governance by delegating the tokens. 

These tokens come from the foundation’s unallocated treasury, representing 30% of the initial OP supply. While Optimism assures that these sales are part of planned financial strategies, the lack of transparency has stirred mixed reactions within the community, highlighting the delicate balance between financial necessity and community trust.

SEC Delays Decision on Spot Bitcoin ETF Options Trading

The SEC has postponed its decision on allowing options trading on spot Bitcoin ETFs, setting a new decision date for April 24. This move aims to provide the SEC additional time to thoroughly review the applications from Cboe Exchange, Miami International Securities Exchange, and Nasdaq for offering options on Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust. 

This delay extends the SEC’s original 45-day review period to the maximum 90 days permitted by U.S. securities laws. The approval of options trading could significantly enhance market liquidity and attract more institutional investors by enabling leveraged and directional trading strategies.

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