Opportunity to Acquire SOL Tokens in FTX Auction
FTX, a bankrupt cryptocurrency exchange, is planning to auction off its remaining Solana native tokens, SOL, to potential bidders this week in a bid to garner higher prices than through direct sales.
Shift to Auctions
- The move to conduct a blind auction marks a departure from FTX’s previous fixed-price sales strategy, which many creditors found unsatisfactory due to undervaluation of assets.
- Major crypto players such as Pantera Capital and Galaxy Trading have shown interest in FTX’s SOL through direct sales, making the upcoming auction an attractive opportunity for potential buyers.
Previous Sales and Auction Details
- Last month, FTX sold locked-up SOL tokens at $64 each, generating substantial revenue despite the discount from the token’s value at the time.
- The auction deadline is set for Wednesday, April 24, with results to be announced on Thursday, providing a timeframe for interested parties to participate.
Interest from Figure Markets
Figure Markets, a prominent crypto exchange, has expressed interest in participating in FTX’s SOL auction by creating a SPV for both U.S. and non-U.S. investors.
SPV Details
- Figure Markets plans to leverage the SPV for investments in USD and USDC, offering retail investors and FTX creditors a chance to engage with a minimum investment of $5,000.
- The bid prices will be determined through community consensus on a $1:1 vote basis, ensuring a fair and inclusive auction process.
Positive Reception
- FTX creditor activist Sunil Kavuri has praised Figure Markets’ approach to the auction, highlighting concerns over discounted sales by Sullivan & Cromwell, the overseeing law firm in FTX’s bankruptcy proceedings.
- Cagney’s initiative provides an opportunity for broader participation and fair valuation of assets, addressing creditor objections to previous direct sales.
Hot Take: Seize the Opportunity in FTX’s SOL Auction
Don’t miss out on the chance to acquire SOL tokens through FTX’s upcoming auction, where potential buyers can participate in a transparent and competitive bidding process to secure valuable assets.
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