The FTX estate will conduct the next sale of locked Solana (SOL) tokens in the form of an auction rather than a fixed-price sale.
The FTX estate will conduct the next sale of locked Solana (SOL) tokens in the form of an auction rather than a fixed-price sale. The initial sale of $1.9 billion worth of Solana tokens to industry firms like Galaxy Digital and Pantera has already piqued the interest of potential buyers. Mike Cagney, CEO of Figure, revealed that the upcoming sale will be conducted through an auction, although specific details have yet to be unveiled.
These locked Solana tokens, which constituted a significant portion of FTX's digital asset holdings at the time of its collapse, have attracted strong interest from buyers willing to take the risk of acquiring them at a discounted rate. However, these tokens may not be available for sale until a predetermined future date.
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. Considering Solana's current price of approximately $150, the decision to purchase the tokens appears to have been a lucrative one. Nonetheless, the volatile nature of cryptocurrencies introduces the possibility of significant price fluctuations before the tokens are unlocked and funds can be liquidated.
Despite the risks, there remains substantial interest in the locked Solana tokens. Figure Markets, led by Mike Cagney, intends to establish a Special Purpose Vehicle (SPV) to enable non-US investors and accredited US investors to participate in the auction. This move has garnered praise from Sunil Kavuri, a vocal creditor within the FTX estate.
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