The defunct cryptocurrency exchange FTX has successfully concluded an auction of Solana tokens, marking a significant step in the liquidation of its assets. According to reports from Bloomberg, the auction attracted prominent investors such as Pantera Capital and Figure Markets, with the overall sales reaching approximately $2.6 billion.
During the auction, which spanned several weeks, FTX executed the sale of Solana (SOL) tokens, achieving significant revenue for the beleaguered exchange. Sources familiar with the auction details disclosed that buyers acquired the tokens at substantial discounts, with reductions reaching up to 50%.
Among the notable purchasers was Figure Markets, which secured around 800,000 SOL tokens at approximately $102 per token. This price is notably lower than the current market value of about $166 per token. Pantera Capital also participated in this final auction, investing in Solana, although specific details regarding the number of tokens purchased and the exact price remain undisclosed.
In a separate development, it was revealed in March 2024 that Pantera Capital had plans to acquire Solana tokens from FTX worth $250 million, with an arrangement that includes a four-year vesting period. This means that shareholders will only receive 25% of their investments after the first year.
It is worth noting that FTX was one of the largest holders of Solana, possessing about 41.1 million SOL as of March. The exchange had filed a petition in August 2023 to sell off its cryptocurrency portfolio, which was valued at $3.4 billion at that time, with a significant portion in Solana tokens.
By the end of 2023, the Solana ecosystem had seen substantial growth. Further details on this development will be covered in a separate article.
Additionally, it was announced in April 2024 that FTX is set to sell another batch of Solana tokens through an auction. Some analysts believe that the successful sale of previous batches has prompted FTX to revise its strategy for liquidating these assets.
