FTX Estate to Proceed With the Sale of Locked Solana Tokens via Auction

• FTX is set to sell another batch of its SOL holdings via an auction. 
• The sale will not happen at a set price like the previous ones.
• The firm recently sold $1.9 billion and $2.6 billion worth of SOL tokens.

Bankrupt digital asset trading platform, FTX, is set to offload its locked Solana (SOL) bag via an auction, confirmed by Mike Cagney, the co-founder and CEO of Figure Markets, a decentralized platform built for traders and investors. 

The crypto space has set its eyes on the next sale of the locked SOL tokens, and Cagney confirmed that the sale will not happen at a fixed price for the entire holding but will take place via an auction. 

Further, Cagney’s Figure Markets intends to create a Special Purpose Vehicle (SPV) to compete in upcoming SOL auctions from the FTX estate. The SPV will be available to any non-US investor (subject to KYC) and to accredited US investors.

The FTX estate recently carried out the sale of $1.9 billion worth of SOL tokens, which were bought by leading crypto-focused firms such as Mike Novogratz’s Galaxy Digital and Pantera Capital. 

The stash of locked Solana tokens, which formed the bulk of FTX’s digital assets before its collapse, has stirred keen interest among buyers ready to gamble on a discounted purchase. These tokens can’t be sold by the buyers until a future date.The recent sale of roughly two-thirds of FTX’s holdings raked in $2.6 billion at a rate of approximately $60 per token. With Solana’s current value sitting at around $150, the decision to buy seems promising. However, the volatile nature of cryptocurrency means the price could shift dramatically before the tokens are unlocked for sale.