FTX Estate Sells $1.9 Billion in SOL Tokens to Reduce Debt

All You Want To Know About FTX NFT Marketplace 2022

The FTX estate has executed a significant sale of SOL tokens, amounting to $1.9 billion, as part of its efforts to address the debts from the cryptocurrency exchange’s collapse. The move attracted substantial buyer interest, including a notable investment from Galaxy Trading.

The FTX estate has liquidated approximately $1.9 billion in SOL tokens as part of its strategy to mitigate the debts of the defunct cryptocurrency exchange.

According to Bloomberg sources, about two-thirds of a SOL stash, initially valued at roughly $2.6 billion, was sold. This collection comprised up to 30 million SOL, priced at $64 per unit. The tokens were sold at a discount due to their locked status, indicating a waiting period before they could be traded.

All You Want To Know About FTX NFT Marketplace 2022

The sale of FTX estate’s SOL holdings was delayed due to high demand from potential buyers, Bloomberg reports. Galaxy Trading, a branch of Galaxy Digital, was notably keen, establishing a $620 million fund specifically for acquiring FTX’s SOL. This fund includes a 1% management fee.

The FTX estate’s total SOL holdings amount to 41 million locked tokens, valued at an estimated $7.5 billion. As of 1 p.m. ET today, Solana’s price was $174.2, following a nearly 7% drop over 24 hours.

In the aftermath of FTX’s November 2022 collapse, numerous investors have vied for a share of the exchange’s substantial Solana portfolio. Solana represented the bulk of FTX’s digital assets, with bitcoin, ether, and the Aptos blockchain’s native token APT also making significant contributions.

Neptune Digital previously disclosed its purchase of 26,964 SOL at $64 per token, totaling $1.73 million, with 20% of these tokens set to become available in March 2025. Pantera launched a $250 million fund in March aimed at acquiring FTX estate’s discounted Solana.

Following FTX’s downfall, Solana’s value plummeted to around $10 but saw a remarkable recovery in early 2024. It achieved a record market cap of $81 billion in mid-March, propelled by the popularity of memecoins. CoinGecko Research even dubbed Solana the standout blockchain of the year thus far.

Currently, with a market capitalization of $76.9 billion, Solana ranks as the fifth-largest cryptocurrency by this measure, according to The Block’s pricing data.

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