FTX’s bankruptcy estate is planning to sell off more assets, specifically Solana tokens that have been locked away. This transaction differs from previous ones as the Solana tokens will be auctioned off instead of being sold at a fixed price.
Mike Cagney, the CEO of Figure Markets, a decentralized financial services company, announced that the estate will disclose the specifics of the upcoming auction today. The choice to conduct an auction instead of setting a fixed price is part of a strategic shift aimed at potentially securing the highest returns for the estate’s creditors.
How Much Are The Solana Tokens Selling For This Time?
In a recent sale of Solana tokens by FTX’s estate, they received approximately $1.9 billion, equivalent to around 64 dollars per token. This is significantly lower than the current market value of Solana, which hovers around $150, resulting in a discount of about 67% compared to its worth at the time when FTX announced holding $1.2 billion in Solana tokens, with each token priced at $20.
Cagney and Figure Markets are setting up a Special Purpose Vehicle (SPV) for broader investor involvement in auctions. Eligible investors, including non-US and accredited US individuals, can join this SPV. The goal is to pool resources and enhance bidding strength.
Cagney’s announcement on X (formerly Twitter) serves both as a call to action and an invitation: “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.”
If Cagney mentioned in a different post on X, “Now, are you an FTX creditor feeling frustrated about the SOL sales? Or perhaps you’re not a creditor but believe those sales were too low? In that case, here’s your chance to make a difference.” This move offers investors financial possibilities and empowers affected parties to actively impact the asset liquidation process’s outcome.
At the time of FTX’s downturn, the secured Solana tokens made up a substantial piece of the platform’s total assets. These tokens, which are locked and cannot be sold until a set date, have piqued the curiosity of investors looking to gamble on the future price fluctuations of these assets. The unique aspect of these tokens – their inability to be traded immediately – introduces an extra layer of risk and potential profit that seems to have ignited robust investor attention.
As of when this article was published, the price of Solana’s share had dropped by 27% from its yearly high of $210, which currently stood at $152.94. The cryptocurrency is now making its way towards the significant resistance level set by the 0.618 Fibonacci retracement at approximately $162.
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2024-04-22 14:11