FTX Estate Holds $5.5M Worth of Solana
According to a recent press release from Binance Square, FTX has stacked a massive amount of Solana, valued at $5.5 million. This information was made public when Whale Alert announced a transfer of 5.5 million SOL on October 13. On-chain researcher Ashpool concluded that a significant portion of this SOL belonged to the FTX estate and was intended to be staked by the validator Figment.
It’s worth noting that the results of SOL staking can vary. Some platforms claim an average annual percentage yield (APY) of around 5.5%, while others suggest it can go as high as 14.47% depending on the chosen staking platform. The distribution of rewards for staking in Solana occurs every two to three days, although the frequency may vary based on network conditions.
The approximately $1.16 billion worth of SOL held by FTX’s estate is not all immediately available. It will be released in increments of 12 million every 30 days until 2027, totaling 34.52 million SOL per month until 2028. FTX can sell or stake these released caches, but they may also choose to sell the complete vested cache’s keys before their formal release.
FTX’s Significant Ethereum Holdings
In a filing on September 11, FTX disclosed its four largest assets, including $192 million worth of Ether coins. Additionally, it stated that its largest holdings are in Solana ($1.16 billion), Bitcoins ($560 million), and Aptos (APT) ($137 million). The company’s funds also include cash, government-recovered assets, and brokerage assets.
Bankrupt But Holding Millions
Coindesk recently posted on Twitter about FTX’s bankruptcy situation. Despite being bankrupt, FTX is set to earn at least $9 million per year from Solana and Ethereum staking, which amounts to a total of $150 million according to blockchain data.
Many people have commented positively on this, highlighting the profitability and importance of a well-executed crypto strategy. One Twitter user wrote, “Wow, bankrupt and making millions? Just goes to show, that you can never underestimate the power of crypto staking.”
Hot Take: FTX Estate Profits from Crypto Staking Despite Bankruptcy
Despite its bankruptcy status, FTX has managed to generate significant profits through crypto staking. With a massive amount of Solana and Ethereum in its holdings, valued at $5.5 million and $150 million respectively, FTX is expected to earn a minimum of $9 million per year. This highlights the potential profitability of strategic crypto investments and demonstrates the resilience of the crypto market even in challenging financial circumstances.
By
By
By
By