Estate of Bankrupt Crypto Exchange FTX Stakes $144 Million in Solana (SOL)
The estate of the defunct crypto exchange FTX has recently staked over $144 million worth of Solana (SOL) as part of its bankruptcy process. The address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens, according to blockchain explorer SolanaFM.
It is believed that FTX has staked all of the tokens through Figment, a digital asset staking service used by institutions. Other platforms like Robinhood, Binance.US, and Anchorage Digital also stake through Figment. Stakers on Solana are currently earning around 7% APY, with rewards distributed every two or three days.
The FTX estate already holds approximately $1 billion worth of Solana, but most of it is locked up until 2028 under a vesting schedule agreement. Solana co-creator Anatoly Yakovenko previously expressed his preference for distributing the SOL tokens directly to FTX’s customers as part of a compensation plan.
Hot Take: FTX Estate Takes a Risky Bet on Solana
The decision by the bankrupt crypto exchange FTX to stake over $144 million in Solana (SOL) raises questions about the estate’s strategy during the bankruptcy process. While staking can generate rewards, it also carries risks, especially considering the volatility of the cryptocurrency market.
FTX’s move to stake such a substantial amount in Solana suggests that they have confidence in the long-term potential of the project. However, it remains to be seen whether this strategy will pay off for the estate and its stakeholders.
Overall, this development highlights the complex nature of managing assets during a bankruptcy and the potential for unconventional investment decisions in the crypto space.
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