FTX Estate to Auction Off $1.9B Worth of Locked Solana via Auction

The FTX estate has sold approximately $1.9 billion worth of locked Solana (SOL) tokens to various companies, including Galaxy Digital and Pantera. The upcoming auction of additional locked SOL tokens will be facilitated by Figure CEO Mike Cagney, with participation open to non-US investors and accredited US investors through a Special Purpose Vehicle (SPV). Despite the volatility of cryptocurrencies, these tokens remain highly sought after, with the potential for significant profit if they are unlocked and sold at a higher price.

FTX Estate Auctioning $1.9 Billion Worth of Locked Solana Tokens

In a significant development, the FTX estate has announced plans to auction off approximately $1.9 billion worth of locked Solana (SOL) tokens. This announcement was made by Mike Cagney, CEO of Figure, who confirmed that the sale will be conducted through an auction, though specific details are yet to be released.

"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," Cagney tweeted.

The move has generated considerable interest, as these locked Solana tokens constitute a significant portion of the Solana assets held by FTX prior to its collapse. However, the sale will not take place immediately and will instead be conducted on a date defined in the future.

During the previous sale, FTX sold approximately two-thirds of its token holdings, generating $2.6 billion for the estate at an average cost of roughly $60 per token. With Solana's current price hovering around $152, purchasing these tokens presents a potential opportunity for profit.

However, it is crucial to acknowledge the inherent volatility of cryptocurrencies, which could lead to significant price fluctuations before the tokens can be unlocked and funds liquidated. Despite these risks, the locked Solana tokens remain highly sought after by investors.

Figure Markets, led by Mike Cagney, plans to establish a Special Purpose Vehicle (SPV) to enable non-US investors and accredited US investors to participate in the upcoming auction. This strategic move is aimed at widening the investor base and ensuring a successful sale.

Industry experts believe that the FTX estate's ongoing efforts to liquidate assets are crucial for recovering funds for creditors and minimizing the financial impact of the FTX collapse. The upcoming Solana token auction is expected to attract significant interest from investors seeking to capitalize on the potential gains of these locked assets.

As the auction date approaches, further details and guidelines will be released by the FTX estate and Figure Markets. Interested parties are advised to stay informed and consider the risks and potential rewards associated with participating in the auction.