Media: FTX sells locked SOL tokens at auction at a rate of about $100

SOL occupies the largest part of the crypto portfolio of the bankrupt exchange

01.05.2024 - 08:30

1 min

What’s new? The managers of the bankrupt crypto exchange FTX have finalized the second tranche of sales of locked native tokens of the Solana (SOL) blockchain via auction. According to The Block’s sources, bids ranged from $85 to $110, which is 30-9% below the current market value of the asset.

Material by The Block

What else is known? FTX announced auctions for SOL on its balance sheet in late April, citing strong demand. Previously, sales were conducted in private and at a predetermined price.

SOL occupies the largest part of the exchange’s crypto portfolio, they are locked for four years and cannot be sold on the market until a certain date, but are sold at auction at a discount to the market price.

One of the winners of the first auction was leading digital asset management firm Pantera Capital, which had earlier launched a $250 million fund to buy SOL from FTX.

In total, FTX sold 1,8 million SOL in the auction, which took place over the past two weeks.

According to Figure Markets CEO Mike Cagney, the next auction will begin on May 1. His company will also participate in the auction. Galaxy Trading is also raising money from investors to participate in the auction, two sources said.

Galaxy Asset Management is handling the sale of the locked SOL on behalf of FTX.

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