According to two reliable sources, FTX, the closed cryptocurrency exchange, is planning to sell off the rest of its Solana (SOL) tokens through an auction.
According to sources speaking with Bloomberg, a “blind bidding process” will take place this week with an April 24 cut-off. The outcome is scheduled to be disclosed on April 25.
After FTX’s report in March revealing the sale of around $307.6 million in SOL and ZBC tokens, the company made headlines again on April 5 by selling a massive $1.9 billion portion of SOL tokens. Notable buyers included Mike Novogratz’s Galaxy Trading and Pantera Capital. The exact figures for April’s sales have yet to be disclosed.
Mike Cagney, the CEO of Figure Markets, previously announced that an auction was imminent. His company, viewing the auction as a potential investment, plans to participate and is also in the process of securing funds for a specialized vehicle (SPV) to place bids.
Additionally, Figure Markets, Pantera Capital, and Abra are among the other entities considering placing bids. Abra’s CEO, Bill Barhydt, has confirmed their participation. Regarding Pantera Capital, insiders suggest they are pondering over whether to submit a bid personally or through a Special Purpose Vehicle (SPV).
After FTX’s downturn in November 2022, there was an influx of sales. It emerged from last year’s disclosures that Solana (SOL) comprised a large portion of FTX’s cryptocurrency assets.
Retail investors don’t gain directly from the auction, but some are hoping to make profits by taking advantage of potential price fluctuations in the market caused by this major exchange event. Currently, Solana (SOL) is priced at $15.79, representing a 1.6% increase over the past day.
More recent developments: Sam Bankman-Fried, the founder of FTX, has consented to join a class action lawsuit ongoing between FTX investors and notable platform endorsers. Despite this, Bankman-Fried is currently incarcerated for 25 years due to his involvement in the FTX downturn.
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2024-04-24 15:26