2024-04-22
FTX Estate's next sale of locked Solana tokens, which has already attracted significant interest, will be conducted through an auction rather than a fixed-price sale.
After selling $1.9 billion worth of Solana tokens to industry giants like Galaxy Digital and Pantera, the estate has decided to opt for an auction for its next sale, as announced by Figure CEO Mike Cagney.
While specific details of the auction have not been disclosed yet, FTX has not provided an immediate response to requests for comments.
These locked Solana tokens, which accounted for the majority of FTX's digital asset holdings before its collapse, have garnered strong interest from buyers who are willing to take the risk of purchasing them at a discounted rate. However, these tokens may not be available for sale until a future date.
In the previous sale, approximately two-thirds of FTX's holdings were sold, generating a staggering $2.6 billion for the estate at an average cost of $60 per token.
Considering Solana's current price of around $150, the decision to buy these tokens seems favorable. However, the volatile nature of cryptocurrency means that prices could fluctuate significantly before the tokens are unlocked and funds can be sold.
Nevertheless, there remains a high level of interest in these locked tokens.
Figure Markets, led by Cagney, plans to establish a Special Purpose Vehicle to allow non-US and accredited US investors to participate in the auction. This move has been lauded by outspoken creditor Sunil Kavuri.
