FTX Set to Auction Remaining Locked SOL Tokens, Figure Markets Joins the Fray

FTX is auctioning remaining locked Solana (SOL) tokens, following the success of its previous sale that attracted significant buyer interest. Figure Markets, a decentralized exchange, has confirmed its participation in the auction and has introduced a Special Purpose Vehicle (SPV) to facilitate investor participation. Through the SPV, investors can contribute USD, USDC, BTC, or ETH and participate in bid price and management decisions.

FTX to Auction Remaining Locked Solana (SOL) Tokens, Figure Markets to Participate

New York, NY - Embattled cryptocurrency exchange FTX is poised to auction off the remaining locked Solana (SOL) tokens from its estate, following the resounding success of its previous sale. The upcoming auction has garnered significant interest, with Figure Markets, a decentralized exchange, confirming its participation.

Figure Markets Unveils Special Purpose Vehicle (SPV) for SOL Auction

To facilitate its participation in the SOL auctions, Figure Markets has introduced a Special Purpose Vehicle (SPV) accessible to non-US investors (subject to KYC) and accredited US investors. The SPV will operate on a community consensus model, where each invested dollar translates to one vote in determining bid prices and subsequent management decisions.

Investors can contribute to the SPV using USD, USDC, BTC, or ETH. Figure Markets will levy a 50 bps annual management fee to cover setup and ongoing management expenses. Moreover, while a specific timeline has yet to be established, Figure Markets intends to integrate the SPV into its exchange, allowing investors to leverage their investment as collateral for borrowing and margining.

Community-Driven Investment in FTX's SOL Tokens

Figure Markets' SPV offers investors a streamlined avenue to participate in the auction of FTX's locked Solana tokens. The SPV structure empowers investors with a voice in bid prices and subsequent management decisions, fostering a community-oriented approach to cryptocurrency investment.

FTX's Previous Solana (SOL) Token Sale: A Resounding Success

FTX's prior SOL token sale to industry titans such as Pantera and Galaxy Digital was a resounding triumph. The estate realized approximately $2.6 billion by selling two-thirds of its locked Solana tokens at roughly $60 per token.

For investors, the decision to acquire SOL tokens in previous sales appears judicious, given the token's current price hovering around $153. However, the inherent volatility of cryptocurrencies warrants meticulous consideration and prudent risk management, particularly considering the potential surplus in supply upon unlocking substantial token amounts.

Conclusion

The upcoming FTX auction of its remaining locked Solana (SOL) tokens has sparked considerable excitement among investors and industry participants. Figure Markets' participation through its SPV marks a significant development, providing investors with a community-driven investment opportunity. The success of FTX's previous SOL token sale serves as a testament to the appeal of acquiring Solana tokens at potentially favorable prices. While the volatile nature of cryptocurrencies demands cautious deliberation, the auction presents a compelling opportunity for investors seeking exposure to the burgeoning cryptocurrency landscape.