FTX Announces Auction for Solana Tokens

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Approximately $1.9 billion worth of locked Solana (SOL) tokens from the FTX estate are set to be sold to firms such as Galaxy Digital and Pantera. Mike Cagney, Figure CEO, has confirmed this transaction will occur via an auction, yet he has not provided further details.

Just got confirmation that the next round of locked #solana coins from the #FTX estate will be an auction, with exact details coming Monday. If you want in, join us.

— Mike Cagney (@mcagney) April 20, 2024

Interests lie in the Solana tokens that are currently locked and represent a significant portion of the Solana holdings from FTX prior to its downfall. However, selling these tokens is not imminent as transactions can only occur on a predetermined future date.

In the last sale, around 66% of FTX’s token inventory was disposed of, resulting in approximately $2.6 billion being raised for the estate, with an average price of roughly $60 per token.

At approximately $152, purchasing Solana tokens could potentially yield profits. But be mindful, as cryptocurrencies notoriously fluctuate, there’s a chance prices may change significantly before you can access those tokens and convert your funds into cash.

In spite of the potential dangers, the secured Solana tokens continue to be strongly desired. Figure Markets, under the guidance of Mike Cagney, intends to set up a Special Purpose Entity (SPE) to allow non-American investors and eligible American investors to join the forthcoming bidding process.

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2024-04-22 14:12