⚡ FTX Executes Sale of 25-30 Million SOL Tokens at $64 Apiece
posted 5 Apr 2024
In a move by the bankrupt exchange FTX, between 25 to 30 million SOL tokens have been sold to Galaxy Trading and Pantera Capital for $64 each, according to anonymous sources cited by Bloomberg. This transaction is valued between $1.6 to $1.92 billion, though the exact date of the sale remains undisclosed.
FTX's bankruptcy management team has reportedly sold about two-thirds of its Solana tokens by now. By March 31, 2023, the valuation of these assets stood at $1.2 billion. Since that date, SOL's price has significantly appreciated, standing at about $175 at the time of reporting.
Importantly, the tokens sold by FTX come with a four-year lock-up period. Therefore, those assets cannot be immediately dumped into the market.
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