The FTX estate sold about $1.9 billion in locked Solana (SOL) tokens to companies like Galaxy Digital and Pantera. Figure CEO Mike Cagney confirmed the upcoming Solana sale will be done through an auction, though he did not delve into specifics.
There is interest in these locked Solana tokens, which form a large part of the Solana assets held before the collapse of FTX. But it will not be so soon, as a sale can be carried out only on a date defined in the future.
During the previous sale, approximately two-thirds of FTX’s token holdings were sold, generating $2.6 billion for the estate at an average cost of around $60 per token.
With Solana’s price currently at about $152, buying the tokens is a profitable decision. However, the volatile nature of cryptocurrencies introduces the risk of significant price fluctuations before the tokens can be unlocked and funds liquidated.
Despite the risks, the locked Solana tokens remain highly sought after. Figure Markets, led by Mike Cagney, plans to establish a Special Purpose Vehicle (SPV) to enable non-US investors and accredited US investors to participate in the upcoming auction.
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