FTX Estate Sells $1.9 Billion Worth of SOL Tokens to Settle Debts
In an attempt to repay the debts of the bankrupt cryptocurrency exchange, the FTX estate has sold Solana (SOL) tokens valued at approximately $1.9 billion. This move comes as the majority of FTX’s digital assets were held in SOL, with a small portion invested in BTC, ETH, and APT.
According to sources familiar with the case, cited by Bloomberg, the FTX estate has sold off nearly two-thirds of its SOL holdings. The lot consisted of as many as 30 million SOL tokens, each valued at $64. However, these tokens are currently locked up and will take some time before they become sellable, which is why they are being sold at a discounted price.
Currently, the FTX estate holds approximately 41 million locked-up SOL tokens, worth nearly $7.5 billion. As of now, SOL is trading at $176.54, experiencing a 3.47% decrease in the last 24 hours, according to CoinMarketCap.
The auction for the FTX estate’s SOL tokens was postponed due to significant buyer interest, as reported by Bloomberg. One interested buyer was Galaxy Trading, a division of Galaxy Digital, which had set up a $620 million fund to acquire SOL from FTX.
Since FTX declared bankruptcy in November 2022, investors have been eager to seize a portion of the company’s Solana assets. The majority of FTX’s digital assets were in Solana, with a smaller portion allocated to bitcoin, ether, and APT.
Furthermore, Neptune Digital, a digital asset business, announced its acquisition of 26,964 SOL tokens at $64 each for a total of $1.73 million. This purchase represents 20% of the lot, which will unlock in March 2025. Additionally, Pantera established a $250 million fund in March to purchase the FTX estate’s discounted Solana tokens.
Today’s highlighted crypto news: Shiba Inu is expected to experience another surge of 1,164%. Stay tuned for more updates.
