The Estate of Bankrupt FTX Completes Sale of $2.6 Billion in Solana Tokens
After weeks of auctions, the estate of the bankrupt crypto exchange FTX has successfully sold off $2.6 billion worth of deeply discounted Solana tokens. Prominent buyers like Figure Markets and Pantera Capital secured the last of FTXβs discounted assets.
FTXβs Bankruptcy and Recovery Efforts
Sources familiar with the matter disclosed that Figure Markets acquired 800,000 Solana tokens for approximately $80 million, translating to about $102 per token. This price is significantly lower than the market value of around $166 per token, underscoring the urgency of FTXβs liquidation efforts.
βThis development concludes a significant chapter in the liquidation of FTXβs assets,β said Kyle Chasse, founder of Master Ventures.
Pantera Capitalβs Strategic Investment
- Despite market volatility, Pantera Capitalβs continued interest in Solana showcases its strategic investment approach.
- Pantera Capital previously sought to raise $250 million to purchase Solana tokens from FTX, indicating confidence in the cryptocurrencyβs long-term potential.
- The significant discount offered by the bankrupt exchange led to a noticeable drop in SOL price.
The Impact on SOL Price
News of the auction did not trigger a sell-off, with SOL currently trading at $168.5, reflecting a 1.73% loss in the last 24 hours.
FTXβs Recovery Plan
- FTXβs collapse, attributed to financial mismanagement by founder Sam Bankman-Fried, has been a prominent case in the crypto industry.
- The exchange owes over $11 billion to two million customers and other creditors.
- FTX has unveiled a $16.3 billion surplus cash reserve, positioning itself to fully repay creditors, including interest.
- The proactive asset liquidation efforts and surplus cash reserve bode well for FTXβs recovery plan.
- FTXβs revised Chapter 11 plan, pending court approval, aims to ensure equitable asset distribution among customers.
Hot Take
Stay tuned for more updates on FTXβs recovery efforts and the impact of the Solana token sale on the broader crypto market! Keep an eye on how these developments may influence the future of FTX and its stakeholders in the industry.
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