Massive SOL liquidation by FTX estate nets nearly $2B
Galaxy Trading, Pantera Capital, and Neptune Digital Assets have acquired nearly two-thirds of FTX’s stake in SOL.
The FTX estate unloaded over half of its Solana (SOL) tokens at a 63% discount from current prices, according to a Bloomberg report on April 5. SOL tokens represent the majority of the bankrupt exchange’s assets.
The sale received interest from asset managers and venture capitalists, including Galaxy Trading and Pantera Capital, people familiar with the matter told Bloomberg.
The bankrupt exchange sold between 25 million and 30 million locked-up SOL coins at $64 a token, generating around $1.9 billion for FTX creditors. FTX was an early investor in Solana. Its 41 million SOL tokens are subject to a four-year vesting schedule, meaning they cannot be traded in the market until the deadline passes.
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