thenewscrypto.com
- Nearly $7.5 billion worth of 41 million locked-up SOL are held by the FTX estate.
- The majority of FTX’s digital assets were SOL, with a small amount going to BTC, ETH, and APT.
In an effort to settle the debts incurred by the defunct cryptocurrency exchange, the FTX estate sold Solana (SOL) tokens valued at around $1.9 billion.
According to Bloomberg, which cites sources familiar with the case, FTX’s estate sold off almost two-thirds of the SOL lot. There were as many as 30 million SOL in the lot, and each one was valued at $64. The tokens are locked up and will take some time to become sellable, which is why they are discounted.
Significant Buyer Interest
Nearly $7.5 billion worth of 41 million locked-up SOL are held by the FTX estate. At the time of writing, SOL is trading at $176.54, down 3.47% in the last 24 hours as per data from CoinMarketCap.
There was “significant buyer interest,” according to Bloomberg, which caused an FTX estate SOL auction to be postponed. Galaxy Trading, a division of Galaxy Digital, was one interested party; it had a $620 million fund set up to acquire SOL from FTX.
After FTX’s bankruptcy in November 2022, investors rushed to seize a portion of the company’s Solana assets. The majority of FTX’s digital assets were Solana, with a small amount going to bitcoin, ether, and APT.
With 20% of the lot unlocking in March 2025, the digital asset business Neptune Digital acquired 26,964 SOL at $64 apiece for $1.73 million, as previously announced. Moreover, Pantera had set up a $250 million fund in March in order to buy the FTX estate’s discounted Solana.