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FTX Estate Just Offloaded New 1.8M Solana (SOL) Batch – Crypto News

Published

2 years ago

May 1, 2024

Dripp

Another batch of Solana (SOL) coins from the wallet of the FTX Derivatives Exchange estate has been sold to Galaxy Trading and Pantera Capital.

Solana Investors Bags 24% Discount In FTX Auction

A total of 1.8 million SOL was offloaded with each coin going for a unit price of between $95-$100.

This brings the total value of the auction bid that has taken place over the last couple of weeks to $232 million. The price range for the initial bid for the locked Solana coin was from $85 to $110, according to sources familiar with the matter. Luckily for the estate, bids at $95 and above went through.

Notably, the bid fell through on April 25 in line with Know-Your-Customer (KYC) procedures but the paper was not completed until April 30. This marks the second tranche of locked Solana sales that the FTX estate has finalized in the last few weeks.

Earlier this month, FTX’s bankruptcy administrators liquidated about 30 million locked-up SOL coins, priced at $64 each. In the end, this auction generated $1.9 billion for the FTX estate. Galaxy Trading, Pantera Capital, and other top industry players showed high interest in the auction of the SOL token.

The sales were a huge discount for investors considering that SOL’s market price soared as high as $172 at the time.

Currently, Solana has a spot market price of $123.99 amid a 24-hour price drop of 7.89%. This suggests that the latest sales provided buyers with a lower discount compared to the initial tranche. To put in perspective, buyers got a 24% discount for $95 while those who purchased at $100, were only exposed to a discount of about 15%.

Pantera Capital Is Biggest FTX -Solana Backer

In the previous sales, Pantera Capital acquired more Solana coins from FTX’s asset liquidation. Its interest in the FTX SOL auctions is perceived to show off its commitment to digital assets that potentially represent long-term growth potential.

With the frequency of these auctions, FTX is likely to empty its $2.6 billion worth of Solana holdings in no time. Doing so will clear off the sell-off scare always hovering in the Solana ecosystem. This might help revive Solana in the long term, putting an end to its long-protracted bearish drawdown.