FTX Estate's next sale of locked Solana Token , which is attracting very high interest from buyers, will take the form of an auction instead of selling at a set price.
According to Mike Cagney, CEO of Figure, after FTX Estate liquidated $1.9 billion worth of Solana Token to industry players like Galaxy Digital and Pantera, the second sale will be an auction. Exact details about the sale have yet to be revealed and FTX has not made an official announcement.
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. https://t.co/RuA41vgWAx
— Mike Cagney (@mcagney)April 20, 2024
Locked Solana Token accounted for the largest proportion of digital assets held by FTX at the time of the collapse. They attract strong interest from buyers willing to take the risk of paying a discounted rate for locked Solana Token , which cannot be sold until a certain future unlock date.
The latest sale raised $2.6 billion on about two-thirds of FTX Estate's holdings at a cost of about $60 per Token. With Solana 's current price hovering around $150, the decision to buy appears to be the right one, although the volatile nature of the cryptocurrency means the price could change significantly before the Token are unlocked so buyers can liquidate them.
However, there still seems to be a lot of interest in locked Token . Cagney's Fig Markets plans to create a Special Purpose Vehiclet for non-US investors and accredited US investors to participate in the auction, a move supported by FTX creditor Sunil Kavuri praised .
S&C are adamant in selling FTX creditors locked Solana at a heavy discount to their own clients (Galaxy), despite our objections
— Sunil (FTX Creditor Champion) (@sunil_trades) April 21, 2024
I have spoken to @mcagney . He created a structure to allow retail FTX creditors to participate with a min. investment of $5000 vs. the $5m required… https://t.co/yut9Xub4O5
VIC Crypto compiled
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