In a final move to conclude weeks of auctions, bankrupt cryptocurrency exchange FTX has completed the sale of $2.6 billion worth of deeply discounted Solana tokens.
The auction saw prominent buyers such as Figure Markets and Pantera Capital secure FTX’s last-minute assets.
FTX’s Bankruptcy and Recovery Efforts
Figure Markets acquired a block of 800,000 Solana tokens for about $80 million, equivalent to about $102 per token, according to people familiar with the matter. This price is well below the market value of approximately $166 per token, highlighting the urgency of FTX liquidation efforts.
Figure Markets acquired a block of 800,000 Solana tokens for approximately $80 million, according to people familiar with the matter. This equates to approximately $102 per token, well below the market price of approximately $166. This discount reflects the urgency of FTX’s liquidation efforts and the market’s reaction to the sale. Kyle Chasse, founder of Master Ventures, noted the importance of these deals.
“This development closes an important chapter in the liquidation of FTX assets,” said Chassé.
Read more: FTX collapse explained: How did Sam Bankman-Fried’s empire fall?
Pantera Capital also participated in the auction, but details about the purchase price were not disclosed. The company’s continued interest in Solana despite market volatility highlights its strategic investment approach. Previously, FTX attempted to raise $250 million to purchase Solana tokens, signaling its confidence in the long-term potential of the cryptocurrency. The steep discounts offered by bankrupt exchanges have led to a noticeable decline in SOL prices.
This time the news didn’t trigger a selloff. According to BeInCrypto, the asset is trading at $168.5, reflecting a loss of 1.73% over the last 24 hours.
Read More: Solana (SOL) Price Prediction for 2024/2025/2030
The collapse of FTX, triggered by founder Sam Bankman-Fried’s financial mismanagement, was a high-profile case in the cryptocurrency industry. The exchange has more than 2 million customers and more than $11 billion in creditors. Despite this debt, FTX has disclosed $16.3 billion in excess cash reserves, ready to repay its creditors in full, including interest.
The exchange’s ability to uncover excess cash reserves and aggressive asset liquidation efforts provide a positive outlook for recovery plans. FTX’s revised Chapter 11 plan, pending court approval, aims to ensure equitable distribution of assets among clients.
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