- FTX’s bankruptcy administrators have sold roughly two-thirds of a $2.6 billion hoard of Solana tokens in a deeply discounted deal
- The deal drew industry heavyweights like Galaxy Trading and Pantera Capital
- The tokens were sold at $64 each, a significant discount to Solana’s current market price of around $172
The administrators of the bankrupt cryptocurrency exchange FTX have sold off a significant portion of the company’s holdings of Solana (SOL) tokens. Industry heavyweights like Galaxy Digital and Pantera Capital participated in the discounted sale.
FTX Estate Sells 25-30 Million SOL Tokens
The FTX estate sold between 25-30 million locked-up SOL tokens for $64 each, according to people familiar with the deal. This raised up to $1.9 billion for the FTX bankruptcy estate. At the time, SOL was trading around $172 on exchanges, down 65% from its peak.
Major Crypto Funds Snatch Up Cheap SOL
Galaxy Digital launched a new $620 million fund specifically to buy the discounted SOL tokens from FTX. Pantera Capital also participated in the sale. In total, about two-thirds of FTX’s $2.6 billion SOL holdings were sold off to investors.
Sale Helps FTX Bankruptcy Process
The sale of SOL tokens at such a steep discount will raise significant capital for FTX as it goes through bankruptcy proceedings. However, the low sale price also shows the massive losses on FTX’s balance sheet.
FTX accumulated a large SOL position but was forced to sell at the bottom of the crypto bear market. The cheap sale drew in big industry players looking for bargains amid the downtown.
