Solana

Galaxy

FTX’s bankruptcy administrators have liquidated a large portion of their <a href="https://coingape.com/price/solana/#:~:text=Live%20Price%20of%20Solana%20(SOL,hour%20trading%20volume%20being%20%243%2C843%2C636%2C768.">Solana (SOL) </a>token holdings. This sale involved between 25 million and 30 million locked-up SOL coins, priced at $64 each. The transaction raised $1.9 billion for the <a href="https://coingape.com/ftx-estate-anticipates-cut-in-us-claims-to-3b-5b-amid-bankruptcy/">FTX estate</a>. Given the token’s value at approximately $172 at the time, this sale marks a pivotal moment, reflecting a substantial discount for buyers. 
The sale drew attention from major industry players, including <a rel="nofollow" href="https://www.bnnbloomberg.ca/ftx-offloads-giant-solana-pile-in-sale-drawing-galaxy-pantera-1.2055672">Galaxy Trading</a> and <a href="https://coingape.com/solana-price-rallies-8-pantera-buy-250m-sol-from-ftx/">Pantera Capital</a>, showcasing the high interest in the deal. The involved parties saw it as a chance for a considerable gain, provided SOL maintains its market value. However, this also presents a risk due to the token’s historical volatility. The deal’s scale and the conditions attached—like a four-year lock-up period for the capital. 
<h2 id="b-galaxy-digital-raises-620m-for-sol-purchase-b">Galaxy Digital Raises $620M for SOL Purchase</h2> 
Galaxy Trading, a part of <a href="https://coingape.com/mike-novogratz-advocates-for-bitcoin-amid-us-debt-concerns/">Mike Novogratz</a>‘s Galaxy Digital, was notably active in raising funds to purchase the SOL tokens from FTX. They successfully raised about $620 million for a dedicated fund, charging a 1% management fee to investors. This move also includes offering yields through staking and illustrating a strategic approach to managing and leveraging the purchased tokens. 
Another heavyweight, Pantera, set its sights on acquiring a substantial amount of SOL, aiming to invest up to $250 million. These actions by Galaxy Trading and Pantera highlight the strategic interest and confidence in the value proposition of SOL tokens despite the inherent risks associated with such volatile assets. The engagement of these firms also emphasizes the broader industry interest in the assets liquidated by FTX amid its bankruptcy proceedings. 
<h2 id="strong-ftx-approach-and-creditor-concerns-strong">FTX Approach and Creditor Concerns</h2> 
FTX’s strategy in handling its vast cryptocurrency holdings has been under scrutiny, especially after halting the SOL sale process due to significant buyer interest. The decision to sell a major part of its SOL holdings at a discounted rate was driven by the need to raise funds efficiently for its estate. FTX co-founder <a href="https://coingape.com/sam-bankman-fried-sentenced-to-25-years-in-prison/">Sam Bankman-Fried</a>‘s previous backing of SOL added layers of complexity and interest in the sale. 
Creditor reactions have been mixed, with some expressing dissatisfaction, claiming they were shortchanged in the sale process. The valuation of claims based on SOL’s price on the day FTX filed for bankruptcy has been a contentious issue, especially as the token’s price increased in the following months. 
Read Also: <a href="https://coingape.com/coindcx-ceo-hails-shashi-tharoor-bitcoin-etf-investment/amp/">CoinDCX CEO Hails Shashi Tharoor’s Bitcoin ETF Investment</a> 
The post <a href="https://coingape.com/breaking-galaxy-pantera-capital-snap-up-ftxs-discounted-solana-sol/">Breaking: Galaxy, Pantera Capital Snap Up FTX Discounted Solana (SOL)</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Breaking: Galaxy, Pantera Capital Snap Up FTX Discounted Solana (SOL)

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