FTX Sells Solana at 62% Discount, Rakes in $2B – How Did They Pull It Off?

FTX, a defunct crypto exchange, recently made headlines by selling a significant portion of its Solana tokens at a discounted rate, aiming to repay its customers. Despite initial fears, the market reacted unexpectedly, with SOL maintaining its value above $175.

FTX Sells Over 30 Million SOL for More Than $2 Billion at a Discounted Rate

FTX, facing bankruptcy, sold 30 million SOL tokens, valued at over $2 billion, at a discounted rate of $64 each. This sale, approved by the court six months ago, was delayed due to increased institutional interest.

The sale resulted in a 62% discount due to token lock-up, with gradual unlocking scheduled until January 2028. Despite the sell-off, FTX still holds 41 million locked-up Solana tokens, valued at $7.5 billion.

Pandora and Neptune Buy Millions in SOL, Bolstering FTX's Digital Assets.

Solana constitutes a significant portion of FTX's digital assets, attracting interest from institutions like Pantera and Neptune. Pantera raised funds to acquire over $250 million worth of SOL, while Neptune purchased $1.7 million worth of SOL.

FTX Eyes Solana Holdings for Debt Settlement, Co-Founder Backs Token Distribution

FTX owes approximately $9 billion to its customers but has recovered $7 billion. The estate aims to begin repayments by the end of 2024, based on November 22, 2022, rates, contrasting with current SOL prices.

Solana co-founder Anatoly Yakovenko suggested direct distribution of FTX's SOL tokens to users. Despite recent praise as the most popular blockchain of 2024, Solana faces uncertainties regarding FTX's sell-off.

FTX's sell-off of Solana is a positive step towards repaying its customers. The lack of adverse effects on SOL's price provides insight into future offloading events by FTX, potentially alleviating market concerns.