Crypto:
30351
Bitcoin:
$64.274
% 0.01
BTC Dominance:
%54.1
% 0.13
Market Cap:
$2.34 T
% 0.00
Fear & Greed:
53 / 100
Bitcoin:
$ 64.274
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

FTX Launches Auction for Third Part of Unlocked Solana

Ftx

FTX property began bidding for the third tranche of locked-in Solana this week; This is another step in the process of offloading approximately 41 million locked SOLs. The auction, scheduled for May 9, follows previous sales including a large initial offering in March and a smaller auction last month.

In the first sale in March, tokens were sold for $64 each to bidders such as Galaxy Trading and Pantera; this represents approximately two-thirds of the estate’s total Solana assets. Last month, an additional 1.8 million Solana sold at auction for approximately $232 million; bids ranged from $85 to $110. The success of bids, especially at $95 and above, reflects continued interest in Solana despite market fluctuations.

FTX legacy plans to unlock cryptocurrencies over a four-year period, with staking rewards awarded according to the vesting schedule. Despite ongoing sales of the locked-up Solana, the FTX estate recently filed a draft Chapter 11 bankruptcy plan with creditors that aims to provide at least 118% of allowable claims.

Galaxy Asset Management, which is responsible for managing the sale of locked Solana on behalf of FTX assets, has not yet commented on the latest auction. Additionally, FTX legacy did not respond to requests for comment at the time of this writing.


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