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Home BREAKING NEWS

FTX Just Sold $1.6 Billion Worth of Solana for $64 Each, Here is Why

by Matoy
April 5, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • 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.

ICYMI: FTX has sold $1.6 billion worth of $SOL valued at $64 as part of its bankruptcy

— BlockNews.com (@blocknewsdotcom) April 5, 2024

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.

Tags: FTXSOL
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