FTX Sells $2.6 Billion Solana Tokens Amid Bankruptcy Recovery

In a final move concluding weeks of auctions, the estate of bankrupt crypto exchange FTX has completed the sale of $2.6 billion worth of deeply discounted Solana tokens.

The auction saw prominent buyers such as Figure Markets and Pantera Capital securing the last of FTX’s discounted assets.

FTX’s Bankruptcy and Recovery Efforts

Sources familiar with the matter reveal that Figure Markets acquired a block of 800,000 Solana tokens for approximately $80 million, translating to about $102 per token. This price is significantly lower than the market value of around $166 per token, highlighting the urgency of FTX’s liquidation efforts.

According to sources familiar with the matter, Figure Markets acquired a block of 800,000 Solana tokens for approximately $80 million. This translates to about $102 per token, significantly lower than the market price of around $166. This discount reflects the urgency of FTX’s liquidation efforts and the market’s response to the sale. Kyle Chasse, founder of Master Ventures, noted the importance of these deals.

“This development concludes a significant chapter in the liquidation of FTX’s assets,” Chassé said.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

Pantera Capital also participated in the auction, though details about their purchase price remain undisclosed. Despite market volatility, company’s continued interest in Solana highlights its strategic investment approach. Previously, it attempted to raise $250 million to buy Solana tokens from FTX, signaling their confidence in the cryptocurrency’s long-term potential. The significant discount offered by the bankrupt exchange resulted in a noticeable drop in SOL price.

This time, the news did not trigger a sell-off. According to BeInCrypto, the asset is trading at $168.5, reflecting a 1.73% loss in the last 24 hours.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

FTX’s collapse, triggered by the financial mismanagement of its founder, Sam Bankman-Fried, has been a high-profile case in the crypto industry. The exchange owes over two million customers and other creditors over $11 billion. Despite these liabilities, FTX has revealed a surplus cash reserve of $16.3 billion, positioning it to repay its creditors, including interest fully.

The exchange’s ability to uncover a surplus cash reserve and its proactive asset liquidation efforts offer a positive outlook for its recovery plan. FTX’s revised Chapter 11 plan, awaiting court approval, aims to ensure equitable asset distribution among its customers.