- FTX’s $7.5 billion sale of locked Solana tokens triggers speculation on sell-off versus strategic distribution.
- Neptune Digital leads initial investor activity as the first buyer of SOL from FTX.
- Galaxy Trading has been actively seeking investments to participate in Solana’s sale.
The recent sale of 41 million locked Solana (SOL) tokens by FTX, totaling an impressive $7.5 billion, has sparked speculation and debate among investors. As investors closely monitor these developments, questions arise regarding whether this transaction represents a staged sell-off or a strategic distribution strategy to cater to investor demands.
Galaxy Asset Management was entrusted with managing the token sales by FTX and has been instrumental in orchestrating this monumental transaction.
Neptune Digital’s public declaration of acquiring a portion of the locked Solana tokens was the first wave of investor activity. With a disclosed purchase of 26,964 SOL tokens at $64 each, Neptune shared that their acquisition plan includes a structured unlocking schedule, stretching until 2028.
Additionally, reports claimed that Galaxy Trading has been actively seeking investments from interested parties, offering participation at $64 per Solana with a nominal management fee. However, challenges reportedly emerged during the execution phase when some investors experienced a reduction in their allocations.
According to reports, investment firm Panter has expressed keen interest in acquiring locked Solana tokens from FTX. Pantera has been raising funds to establish a dedicated fund aimed at purchasing up to $250 million worth of locked Solana.
Further reports claimed that Galaxy Asset Management was selling 42 other tokens, mostly based on Solana and Ethereum, valued at approximately $211 million.
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