FTX Estate Liquidates $1.9 Billion SOL Amid Market Buzz

FTX Estate Liquidates $1.9 Billion SOL Amid Market Buzz

EconomyBlockchain

By Jakub Lazurek

08 Apr 2024 (2 months ago)

1 min read

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FTX offloads $1.9B in SOL as crypto players grab discounted assets

The FTX estate has sold 30 million SOL tokens at $64 each, totaling about $1.9 billion, Bloomberg has disclosed. The sale helps FTX pay off its debts.

Despite being locked and not immediately tradable, the SOL tokens attracted buyer attention, including from Galaxy Trading.

This branch of Galaxy Digital set up a $620 million fund to buy the tokens, with a 1% management fee.

FTX had 41 million locked SOL tokens worth roughly $7.5 billion. Solana's price recently fell nearly 7%, now trading at $174.2, reports The Block.

Since FTX collapsed, firms have pursued its Solana assets. Neptune Digital bought 26,964 SOL, and Pantera created a $250 million fund to buy discounted Solana.

After a price slump post-FTX's failure, Solana rebounded, reaching a high market value of $81 billion in 2024, driven by meme coin popularity. Solana is now the fifth-largest cryptocurrency, with a $76.9 billion market cap.

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