FTX Estate to Sell Next Batch of Locked Solana Tokens

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The estate of the bankrupt crypto exchange FTX is gearing up for another major asset sale, this time involving locked Solana (SOL) tokens. In a strategic shift, the tokens will be sold through an auction process, a departure from previous fixed-price sales.

The decision to opt for an auction was made to potentially maximize returns for the estate’s creditors, according to Mike Cagney, CEO of Figure Markets. The exact details of the auction will be revealed today, with the last transaction involving Solana tokens bringing in $1.9 billion at a price of $64 each, a significant discount to the current market value of around $150.

Figure Markets is organizing a Special Purpose Vehicle (SPV) to allow a wider range of investors to participate in the auction, open to non-US investors and accredited US investors. Cagney’s announcement on social media serves as a call to action for interested parties to join the auction and potentially influence the outcome of the asset liquidation process actively.

The locked Solana tokens represent a substantial portion of FTX’s assets at the time of its collapse and have attracted strong investor interest due to their speculative nature. At present, the Solana share price is -27% below its yearly high of $210, trading at $152.94 and heading towards the crucial resistance level of $162.

This auction presents a unique opportunity for investors to get involved in the sale of locked Solana tokens and potentially benefit from the future market movements of these assets. Stay tuned for more updates on this developing story.

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