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FTX Estate to Sell Next Batch of Locked Solana Tokens

FTX Estate to Sell Next Batch of Locked Solana Tokens

This time, the estate of the defunct cryptocurrency exchange FTX is getting ready to dispose of a sizable amount of assets—locked Solana (SOL) tokens. “This batch of Solana tokens will be auctioned, marking a departure from previous fixed-price sales.”

The decentralized financial services company Figure Markets’ CEO, Mike Cagney, claims that the estate will make the specifics of the auction public today. The decision to opt for an auction instead of a fixed-price sale reflects a calculated strategic move aimed at maximizing returns for the estate’s creditors.

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At this moment, how much are Solana Tokens selling for? 

Solana tokens were priced at approximately $64 each during the FTX estate’s recent transaction, which generated $1.9 billion. This amount represents a significant 67% discount compared to Solana’s market value at that time. In contrast, the current market value of these tokens is around $150. As of August 31, 2023, FTX, the bankrupt cryptocurrency exchange, disclosed its ownership of $1.2 billion in Solana during the summer of 2023. That was when SOL was at $20.  

Under Cagney’s direction, Figure Markets is setting up a Special Purpose Vehicle (SPV) to make the auction accessible to a broader pool of investors. This SPV will consolidate and increase bidding power and be accessible to accredited US investors as well as non-US investors.  

“Cagney on X (formerly Twitter) confirms the upcoming auction of the FTX estate’s next round of locked Solana coins, details available on Monday.” Join us if you’d like to be in.  

Cagney posed in another post on X, “Are you an FTX creditor upset about the SOL sales?”. Or maybe you don’t have any debt, but you still feel that the latest sales were much too low? You can now take action regarding it, though. This programme gives investors access to new financial options while also giving impacted parties a forum to shape the result of the asset liquidation process actively. 

FTX’s Locked Solana Tokens: Investor Interest Amid Market Fluctuations

FTX held a significant amount of locked Solana tokens at the time of its collapse. These tokens have become a focal point for investors who are now trying to predict their future market performance. The locked nature of these tokens prevents them from being sold until a specific date in the future. This restriction adds a layer of risk but also the potential for significant profit, which is attracting investor interest.

As of the time of publication, the Solana share price was 27% lower than its year-end peak of $210. SOL recently approached the critical resistance of the 0.618 Fibonacci retracement level at $162, after trading at $152.94.

Solana price
SOL price eyes the 0.618 Fib, 1-week chart | Source: SOLUSD on TradingView.com

 

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