The FTX Estate’s Sale of Locked Solana Sees Heavy Demand
The recent sale of 41 million locked solana by the FTX estate has attracted significant interest and demand. Galaxy Asset Management, tasked with facilitating token sales by the FTX estate, has seen prospective bidders eagerly seeking to acquire the tokens.
- Galaxy Trading raises funds to bid for locked solana
- BitGo to act as custodian for the tokens
- FTX estate retains final say on token distributions
- Anticipation of availability of remaining tokens
- Increased demand due to potential underexposure
Galaxy Trading Makes a Bid
Galaxy Trading is one of the funds that have been actively raising capital from investors to participate in the acquisition of locked solana. The fund management fee is set at 1%, with BitGo appointed as the custodian of the tokens.
- Investors can participate at $64 per token
- Staking rewards tied to purchases
- Allocations may be subject to adjustments by FTX estate
- Remaining tokens expected to be available soon
Other Funds Show Interest
Various other investment funds have also expressed interest in acquiring locked solana from the FTX estate. Pantera is reported to be raising funds to establish a fund worth up to $250 million, with a management fee of 0.75% and a performance fee of 10%.
- Phoenix aimed to raise funds but bid did not materialize
- FalconX also in the process of raising funds for a bid
- Galaxy Asset Management selling other tokens as well
Hot Take: Surging Demand for Locked Solana Tokens
The high demand seen in the sale of locked solana tokens by the FTX estate reflects the growing interest in the cryptocurrency market. With various investment funds actively participating in bids and acquisitions, the landscape of token sales is evolving rapidly. As the market continues to mature, the demand for assets like solana is likely to remain robust, driven by investors seeking exposure to digital assets.
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