Insiders report that the bankruptcy team of the closed-down crypto exchange FTX might sell a significant portion of their Solana assets at auction this week. This move could result in increased supply for Solana, potentially impacting its current price rise.
FTX To Conduct A ‘Blind Auction’ for Solana
Based on insider information, there will be a “blind bidding” event for the upcoming Solana batch, with bids due by Wednesday and results to be revealed on Thursday. According to FTX’s latest financial report, they sold around $307.6 million in SOL and ZBC tokens during March. The figures for April have yet to be released. A representative from the estate refused to discuss this matter publicly.
After the collapse of Sam Bankman-Fried’s FTX in November 2022, these sales represent the aftermath. For purchasers, these auctions offer a chance to possibly gain financially from the token, which has undergone substantial price swings over the past two years.
It is anticipated that Figure Markets, Pantera Capital, and Abra will place bids in the auction. Figure Markets has announced on their website their intention to raise funds through a special-purpose vehicle for this purpose. Abra’s CEO, Bill Barhydt, has confirmed in an interview that they too plan to submit a bid in the auction.
Based on insider information, Pantera Capital intends to participate in the forthcoming auction, having previously acquired a stake in the sale. They are currently weighing their options between bidding personally or using a limited liability entity (SPV) for the process.
SOL Price Action Ahead
To date, financially distressed FTX has sold approximately 66-100 billion dollars worth of Solana tokens from its stash of 2.6 billion, taking advantage of deeply discounted deals where each SOL token cost only $60. It’s important to note that during this period, the market price for Solana stood at $172 per token.
The price of Solana experienced a pullback in early April but has since resumed its upward trend but now sits 12% higher at approximately $160 after a week’s time. According to industry experts, it is anticipated that the SOL price will continue climbing and potentially reach $200 by the end of this month.
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2024-04-24 08:14