The upcoming token sale of Solana (SOL) by FTX will be held through an auction, possibly due to increased demand.
Instead of offering at a fixed price as in the initial round, the FTX exchange will organize an auction for the next batch of locked Solana (SOL) tokens, with details yet to be disclosed.
As of April 5th, FTX’s bankruptcy trustees successfully sold 25 – 30 million SOL (2/3 of the 41 million locked tokens) to prominent names in the industry such as Galaxy Digital and Pantera. This deal generated $2.6 billion for FTX, with a selling price of around $60 per token.
Last September, the court allowed FTX to liquidate the remaining crypto assets to raise additional cash, repay debts to investors affected by the previous collapse. At that time, the rogue character Sam Bankman-Fried’s exchange chose Galaxy Asset Management as the custodian to serve the asset sale plan, aiming to save costs and enhance deal efficiency.
Since then, the bankruptcy trustee of FTX has attracted significant attention from large institutions, especially for the locked SOL tokens as they constitute the largest portion of the remaining assets of the exchange.
Neptune Digital was the first organization to purchase 26,964 SOL at $64 per token – equivalent to $1.7 million. At that time, billionaire Mike Novogratz’s investment fund also established a new $620 million fund solely for the purpose of acquiring SOL from FTX. Additionally, Pantera Capital announced its intention to raise $250 million to participate in this deal.
SOL’s price has increased by 600% in the past year, hence the increased demand for locked tokens from FTX is understandable.
