FTX Estate Moves $16 Million in Solana as Creditor Payouts Enter Final Phase
The bankruptcy estate of FTX has resumed asset movements, transferring roughly $16 million worth of Solana tokens as it continues a structured liquidation process tied to creditor repayments.
Summary:
- The estate moved 198,000 SOL, signaling continued liquidation activity.
- The transfer comes amid a $2.2 billion creditor payout cycle.
- Markets absorbed the flow with limited disruption to Solana’s price.
Blockchain data from April 12 shows that a wallet linked to the estate unstaked and transferred 198,000 SOL, valued at approximately $16.2 million based on prevailing prices near $82. The move was tracked by on-chain analytics firms and reflects a shift from locked assets into liquid supply.
Such transfers have historically preceded deposits to centralized exchanges, including platforms like Binance and Coinbase, where assets are sold to generate cash for creditor distributions.
Liquidation Continues at Measured Pace
The latest transfer is modest compared with earlier transactions by the estate but remains part of a broader, court-approved liquidation strategy.
Rather than selling assets in large blocks, administrators have opted for a staggered approach designed to minimize market disruption. This method has allowed the estate to convert holdings into cash without triggering sharp price declines in underlying assets.
The approach appears to be working. Solana traded near $82.30 during the transfer window and showed limited volatility, suggesting that markets have largely priced in ongoing sales from the estate.
The ability to absorb such flows reflects both improved liquidity conditions and the gradual nature of the liquidation process.
Payout Cycle Nears Completion
The asset movements come as the FTX Recovery Trust advances one of the largest creditor repayment efforts in the crypto sector.
On March 31, the estate initiated a $2.2 billion distribution as part of its fourth payout round. The process has pushed recovery levels close to completion for most claim categories.
Smaller claims classified as “convenience claims” have reached cumulative recoveries of around 120% of their original value. Larger institutional classes have been made fully whole, while retail customers are approaching recovery rates near 96%.
The estate has indicated that approximately 98% of creditors are expected to be repaid by the second quarter of 2026, marking a significant milestone in the unwinding of the exchange’s collapse.
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Attention is now shifting to the next phase, with a record date of April 30 set for preferred equity holders, who are scheduled to begin receiving payments in late May.
Final Asset Movements Underway
The recent Solana transfer suggests the estate is entering the final stages of asset disposition.
While earlier phases involved large-scale liquidations, recent transactions have been smaller and more targeted. Analysts interpret this as a “mopping up” phase, where remaining liquid assets are converted to meet outstanding obligations.
The scale of the latest transfer – $16 million – represents a fraction of earlier billion-dollar movements but remains significant in signaling continued activity.
It also highlights the role of altcoins like Solana in the estate’s portfolio, alongside more widely held assets such as Bitcoin and Ethereum.
Valuation Debate Persists
Despite progress in repayments, the process continues to generate debate.
Creditor recoveries are calculated based on the dollar value of assets at the time of FTX’s collapse in November 2022. At that point, Bitcoin traded near $16,000 and Solana at significantly lower levels than today.
As a result, creditors receive cash equivalents plus interest rather than the underlying tokens, many of which have appreciated substantially.
For some claimants, this has created a disconnect between headline recovery rates – often exceeding 100% – and the opportunity cost of missed market gains.
Market Watches for Remaining Flows
For now, the focus remains on the pace and scale of remaining asset sales.
Each transfer provides a signal of how much supply may still enter the market and how quickly the estate is progressing toward completion. The controlled nature of recent activity suggests that major disruptions are unlikely, though traders continue to monitor wallet movements closely.
The broader takeaway is that one of crypto’s largest bankruptcy cases is approaching resolution.
As the FTX estate moves through its final distribution phases, the market is transitioning from uncertainty over asset overhang to a more predictable, managed unwind – one that appears, so far, to be landing with less impact than many had once feared.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
