FTX Estate Sells $1.9 Billion Worth of Solana (SOL) Tokens to Settle Debts
The FTX estate, which holds nearly $7.5 billion worth of 41 million locked-up SOL tokens, made a move to settle the debts of the defunct cryptocurrency exchange. The majority of FTX’s digital assets were in Solana, with a smaller amount in BTC, ETH, and APT.
According to Bloomberg, the FTX estate sold off approximately two-thirds of the SOL tokens, which were valued at around $1.9 billion. The lot consisted of 30 million SOL tokens, each worth $64. However, these tokens are currently locked up and will take some time before they can be sold, hence the discounted value.
The sale of the SOL tokens attracted significant interest from buyers, leading to the postponement of an FTX estate SOL auction. One interested party was Galaxy Trading, a division of Galaxy Digital, which had set up a $620 million fund specifically for acquiring SOL tokens from FTX.
Following FTX’s bankruptcy in November 2022, investors rushed to claim a portion of the company’s Solana assets. With the unlocking of 20% of the lot scheduled for March 2025, Neptune Digital, a digital asset business, acquired 26,964 SOL tokens at the price of $64 each, totaling $1.73 million. Additionally, Pantera had established a $250 million fund in March to purchase discounted Solana tokens from the FTX estate.
In other crypto news, Shiba Inu is predicted to experience a surge of 1,164%, with details on when this might happen.