FTX Estate Wraps Up Second Round of Solana Token Sales
The FTX estate is in the final stages of its second round of sales of locked Solana tokens, with bids reaching around $100, as reported by multiple sources.
Approximately 1.8 million SOL ($232 million) is being offloaded in an auction spanning the past few weeks, with bids closing on April 25 and KYC procedures and paperwork deadlines set for today.
Bids for the locked Solana tokens varied between $85 and $110, with bids starting from $95 and above being successful. Some skepticism was expressed regarding bids as low as $85. A bid of $95 represents a 26% discount to current prices, while $110 corresponds to a 15% discount.
Galaxy Trading is reportedly raising funds from investors to bid for a portion of the locked Solana tokens, with minimum investments set higher this time at $5 million.
Pantera Capital is reported to have acquired more locked Solana tokens in the latest auction, subject to a four-year vesting schedule like the rest of the locked tokens.
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Further auctions are planned, with the next one scheduled to commence on May 1, as confirmed by Figure Markets CEO Mike Cagney. Figure Markets is establishing a special purpose vehicle for bidding on the locked SOL, open to both non-U.S. and accredited U.S. investors.
In March, the estate conducted a larger sale where locked tokens were sold for $64 each, with demand exceeding expectations and allocations needing to be adjusted for investors in Galaxy Trading’s syndicate. This sale amounted to around two-thirds of the estate’s total 41 million Solana holdings.
The ongoing auctions reflect sustained demand for Solana, with prices reaching even higher levels in recent sales.
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.
