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Defunct <a href="https://bitcoinist.com/ftx-victims-stories-pile-up-as-sbf-faces-judge/" target="_blank" rel="noopener ">crypto exchange FTX</a> recently sold two-thirds of its Solana holdings for a massive discount, Bloomberg reported at the close of the week.&nbsp; 
FTX recently <a href="https://bitcoinist.com/ftx-set-to-cash-in-884-million-from-sale-anthropic/" target="_blank" rel="noopener ">received a court order</a> to sell its massive SOL holdings to <a href="https://bitcoinist.com/battle-over-sam-coins-ftx-customers-demand-millions/" target="_blank" rel="noopener ">repay its creditors</a>. As one of the largest holders of the cryptocurrency, the news of the court order sparked a wave of concerns from SOL investors, as a total selloff by FTX could tank the price of the cryptocurrency in just a few hours. Interestingly, the bankrupt crypto exchange has now gone ahead to sell a majority of its holdings below market value. 
<h2 id="b-ftx-details-of-the-selloff-b">FTX: Details Of The Selloff</h2> 
As noted by Bloomberg, the bankrupt crypto exchange FTX sold around 30 million tokens to key investors, enabling it to round up $1.9 billion in funds. These SOL tokens were sold to prominent industry figures including Galaxy Trading which bought $620 million worth of SOL and Pantera Capital which bought $250 million worth of SOL.&nbsp; 
Considering the number of tokens sold and the amount raised, It is estimated that they were sold at $64 for each SOL. At the time of the transaction, SOL was trading at around $172, meaning they were sold at a 63% discount to the market price and were actually worth $5.16&nbsp; billion.&nbsp;&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/22LtlmRi/" width="2475" height="1163"> 
To avoid a price catastrophe, the SOL tokens which are still under lock, are bound by a four-year vesting schedule with gradual monthly unlocking until January 2028. At the time of writing, the defunct exchange still has 21 million SOL tokens locked up that are worth around $3.75 billion at the current market price. 
<h2 id="b-current-state-of-solana-b">Current State Of Solana</h2> 
The eventual collapse of FTX in 2022 led to a cascade of price slumps for Solana. This is because the former CEO of the exchange, Sam Bankman-Fried (SBF), was an avid supporter of SOL and had spent so much of the company’s funds to stock up on the cryptocurrency. As <a href="https://bitcoinist.com/ftx-founder-sam-bankman-fried-gets-25-years-in-jail/" target="_blank" rel="noopener ">Bitcoinist reported</a>, SBF has now been handed a 25-year prison sentence for his pivotal role in the collapse of the exchange. 
Solana, on the other hand, went through a price surge late last year which saw it eventually stepping out of the shadow left behind by FTX. Aside from its price growth, Solana’s ecosystem <a href="https://www.newsbtc.com/news/solana-primed-for-takeoff-expert-analysis-points-to-buying-opportunity/" target="_blank" rel="noopener nofollow">has expanded</a> with an <a href="https://www.newsbtc.com/meme-coins/top-3-solana-meme-coins/" target="_blank" rel="noopener nofollow">increase in meme coin success</a> and is now starting to <a href="https://www.newsbtc.com/press-releases/solanas-meme-magic-steps-all-over-ethereum-the-new-kings-of-crypto/" target="_blank" rel="noopener nofollow">rival Ethereum</a> as the king of altcoins.&nbsp; 
Solana has also <a href="https://www.newsbtc.com/news/forget-q1-slump-solana-explodes-over-300-amid-dex-boom/" target="_blank" rel="noopener nofollow">seen robust growth</a> in the Decentralized Exchange (DEX) and Decentralized Finance (DeFi) sectors. Particularly, the blockchain saw its <a href="https://x.com/MessariCrypto/status/1776251285538254854" rel="nofollow" target="_blank">DEX trading volume</a> skyrocket by 332% and its market cap increase by 97% last quarter. 
At the time of writing, Solana is trading at $179.12, up by 1.25% in the past 24 hours. 
Featured image from Pexels, chart from TradingView

FTX Sells Its Solana Holdings At Massive Discount – Here’s How Much

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