FTX Estate Stakes Over 5.5 Million Solana Coins
Today, the FTX estate, managed by a bankruptcy trustee, staked more than 5.5 million Solana (SOL) coins, worth $122 million, from one of its principal wallets on the Solana blockchain. The delegation was done with Figment, a network validator for staking. This move by the FTX estate counters concerns that it may liquidate its substantial Solana holdings, as a significant amount of SOL becomes unlocked each month according to the vesting schedule.
FTX Estate Discloses Recovery of $7 Billion in Assets
In a court filing on September 11, 2023, the FTX estate revealed that it has recovered around $7 billion in assets. These assets include over $1 billion in staked Solana tokens and $560 million in Bitcoin. The estate also holds $200 million in real estate in the Bahamas and $1.9 billion in illiquid assets. This disclosure comes as the former CEO of FTX, Sam Bankman-Fried, faces a lawsuit trial on fraud charges.
Hot Take: FTX Estate’s Stake and Asset Recovery Reinforce Stability
The recent staking of over 5.5 million Solana coins by the FTX estate demonstrates its commitment to maintaining its holdings and not flooding the market with unlocked tokens. This move provides reassurance to crypto investors who were concerned about potential sell-offs that could impact Solana’s market value. Additionally, the disclosure of the recovery of $7 billion in assets further solidifies the stability of the FTX estate and instills confidence in its ability to fulfill its obligations to creditors.
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