According to Bloomberg, FTX sold approximately $1.6 billion worth of locked Solana (SOL) to firms including Galaxy Trading and Pantera Capital at $64 per token.
FTX’s Bankruptcy Estate Has Sold Locked Solana Tokens Worth About $1.6b At $64 Per Token To Firms Including Galaxy Trading And Pantera Capital: BBG https://t.co/tIU3GaAXJD
— Tree News (@News_Of_Alpha) April 5, 2024
People with knowledge of the matter said FTX's bankruptcy administrators sold about two-thirds of its $2.6 billion worth of Solana tokens to a group that includes industry heavyweights such as Galaxy Trading and Pantera Capital.
FTX bankruptcy administrators sold between 25 million and 30 million locked SOL tokens at $64 each, the people said, declining to be identified.
Galaxy Trading, an arm of Mike Novogratz's company Galaxy Digital, has raised about $620 million in a fund it set up to buy SOL from FTX, one of the sources said. This person also stated that Galaxy Trading will charge a 1% management fee from investors in the fund and will offer returns to investors through staking.
It was stated that the sold SOL tokens are currently locked and will be gradually offered for sale within four years.
Eva Weng, chief investment officer at crypto market creator Caladan, weighed in on FTX's sale of Solana.
“You're basically exchanging time for a huge price discount. The point is you have to lock up your capital for four years, but you pay a lot less for the tokens.”
Solana price moved after the news.
*This is not investment advice.
