​Solana Foundation reports holding less than 1% of reserves on FTX

What’s new? Solana blockchain developers have launched a page to promptly update the community on the status of the project in the wake of the bankruptcy of the FTX exchange and trading company Alameda Research, who are some of its biggest investors. As of November 6, when FTX stopped processing withdrawal requests, the Solana Foundation had about $1 million in fiat and equivalent on the exchange. That amount represents less than 1% of the organization’s assets, so the impact of FTX’s collapse on Solana is negligible, the team noted.

Solana’s website

What assets were held on FTX? Solana emphasized that it did not store native tokens SOL on the exchange. As of November 14, the Solana Foundation owns the following assets held on FTX:

• ~3,24 million shares of FTX Trading LTD
• ~3,43 million FTT tokens
• ~134,54 million SRM tokens

According to the website, FTX and Alameda bought 50 524 833 SOL tokens from Solana Foundation between August 2020 and January 2021. Of those, 12 million with linear monthly unlock to September 2027 and more than 34 million to January 2028. The team noted that they do not have access to the current balance sheets of the bankrupt companies, but can confirm these transactions.

Solana Labs sold FTX and Alameda 7,5 million tokens with full balance unlocks on March 1, 2025, with another 61 853 coins due to be unlocked on May 17 of that year.

It is noted that due to FTX Group’s voluntarily initiated Chapter 11 bankruptcy proceedings, the Solana team does not know what the court will decide on these assets. At the same time, the staked coins cannot be transferred on-chain until the lock expires.

There are reportedly many market makers on the network that provide liquidity for DeFi applications on Solana. According to the team, the FTX crash had minimal impact on them.

On November 10, the SOL rate fell by 42,25% to $12,37. The significant decline began amid rumors of a dump of the asset by Alameda. SOL is the second-largest asset in the company’s capital.

SOL is trading at $14,51 as of November 15, 08:15 UTC, down by 2,29% in 24 hours, according to Binance.