FTX Estate Sells $1.9 Billion Worth of SOL Tokens to Settle Debts
The FTX estate recently sold approximately $1.9 billion worth of SOL tokens as part of efforts to settle the debts accumulated by the defunct crypto exchange.
This significant sell-off amounted to about two-thirds of the total SOL holdings, valued at around $2.6 billion. The sale attracted considerable interest from buyers, prompting a brief delay in the process.
Notably, Galaxy Trading, a subsidiary of Galaxy Digital, established a $620 million fund to acquire FTX’s SOL assets, demonstrating strong investor appetite for the cryptocurrency.
Following the collapse of FTX in November 2022, investors have been keen to acquire shares of its Solana holdings, which constituted a significant portion of its digital asset portfolio.
READ MORE: Bitcoin Analyst Forecasts Major Uptrend with Key Indicator
Despite facing a price dip post-collapse, Solana has witnessed a resurgence in 2024, reaching an all-time high market capitalization of $81 billion in mid-March.
This surge in value has been partly attributed to the growing popularity of memecoins. Currently, Solana ranks as the fifth largest cryptocurrency by market capitalization, valued at $76.9 billion.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
