Met someone from a Hong Kong-based USD institution today. Their firm is deeply involved in the Sol micro-strategy led by Pantera this time, and they’re probably the second-largest contributor after Pantera. A few key points: 1) They mentioned the $1.25 billion fundraising is all cash, and the progress is moving quickly. 2) Asked if they’d buy and hold SOL in the future through OTC tokens from institutions, they said part of it might be done that way, but most of the funds will still go through the secondary market. 3) The leader of this SOL micro-strategy is likely someone everyone knows, someone who could be called the “Tom Lee” of SOL. Of course, this is just one perspective—take it with a grain of salt.