FTX opens the sale of the next locked SOL lot in the form of auction
FTX's next sale of locked Solana (SOL) will take place in the form of an auction, possibly due to higher demand than before.
Instead of opening the sale at a fixed price like the first time, the FTX exchange will hold an auction for the next locked amount of Solana (SOL) coins and details have not yet been revealed.
Just got confirmation that the next round of locked #solana coins from the #FTX estate will be an auction, with exact details coming Monday. If you want in, join us. https://t.co/RuA41vgWAx— Mike Cagney (@mcagney) April 20, 2024
As of April 5, FTX bankruptcy managers have successfully sold 25 - 30 million SOL (⅔ of the 41 million locked coins) to many big names in the industry such as Galaxy Digital and Pantera. This deal generated $2.6 billion for FTX, with a selling price of about $60 per coin.
Last September, the court allowed FTX to liquidate the remaining crypto to accumulate more cash and repay investors who suffered losses from the previous year's shocking collapse. At that time, the trading floor of rogue character Sam Bankman-Fried chose Galaxy Asset Management as the custodian to serve the asset sale plan, to save costs and increase transaction efficiency.
Since then, the bankrupt takeover of FTX has received a lot of interest from large institutions, especially the amount of SOLs waiting to be unlocked because they make up the largest proportion of the exchange's remaining assets.
Neptune Digital is the first organization to buy back 26,964 SOLs at a price of 64 USD/coin - equivalent to 1.7 million USD. At that time, billionaire Mike Novogratz's investment fund also established a new fund worth 620 million USD just for the purpose of buying back SOL from FTX. In addition, Pantera Capital also announced that it is raising $250 million to participate in this deal.
SOL price has increased 600% in the past year, so the increased demand for locked coins from FTX is understandable.
