SOL Down 3% As FTX Bankruptcy Estate Concludes Solana Token Sales

Author: Murtuza Merchant | May 24, 2024 01:56pm

After an extensive auction process, the estate of the bankrupt crypto exchange FTX has finalized the sale of $2.6 billion worth of Solana (CRYPTO: SOL) tokens at significant discounts.

What Happened: Figure Markets and Pantera Capital were among the latest buyers, Bloomberg reported.

Figure acquired a block of 800,000 tokens for approximately $80 million, equating to about $102 per token—a notable discount compared to the market price of around $166 at the time.

Solana is down 3.3% on the day.

Pantera Capital also participated in the auction, although the specific price paid remains undisclosed.

Both the FTX estate and the involved firms did not immediately comment on the transactions.

The liquidation of Solana tokens has been a contentious issue in the FTX bankruptcy proceedings.

Also Read: SEC Approval Of Ethereum ETFs Is Evidence Of A ‘Profound Shift’ In Crypto Adoption: Report

While FTX creditors are set to receive full repayment plus interest, they will not regain their crypto assets, potentially missing out on future market gains.

Earlier in May, FTX announced that the estate would have up to $16.3 billion to distribute, while it owes approximately $11 billion to over two million customers and other creditors.

In March, Pantera Capital aimed to raise $250 million to purchase Solana tokens from FTX, subsequently winning a batch of discounted tokens in April.

What’s Next: For further insights into the evolving digital asset landscape and the implications of such developments, industry leaders and investors can attend Benzinga’s Future of Digital Assets event on Nov. 19.

This event will provide a comprehensive overview of current trends and future directions in the digital asset market.

Read Next: With Ethereum ETFs Approved, Why Is ETH Not Going Up?

Image: Shutterstock

Posted In: $SOL