Amid bankruptcy, FTX raises $1.9 billion by selling up to 30 million SOL tokens at $64 each to industry titans such as Galaxy Trading.
FTX’s bankruptcy administrators have executed the liquidation of a significant portion of their Solana (SOL) token holdings, constituting a pivotal event in the cryptocurrency market.
The transaction encompassed the sale of between 25 million and 30 million locked-up SOL coins, each valued at $64, resulting in a substantial influx of $1.9 billion into the FTX estate.
Notably, this sale occurred at a juncture when SOL’s market value hovered around $172 per token, thus signifying a considerable markdown for prospective buyers.
The magnitude of this liquidation has attracted widespread attention from prominent industry players, with entities such as Galaxy Trading and Pantera Capital actively participating, underscoring the robust interest in the transaction.
While stakeholders perceive this as an opportunity for significant profit potential, contingent upon SOL’s sustained market performance, it also entails inherent risks due to the cryptocurrency’s historical volatility.
Moreover, the deal’s scale and accompanying stipulations, such as a mandated four-year lock-up period for the capital, underscore the cautious approach adopted by involved parties, aiming to mitigate potential market uncertainties and capitalize on SOL’s future growth prospects.
