FTX plans to organize another auction to sell off some of its SOL assets. This sale will not have a fixed price, as it did previously.
According to Mike Cagney, co-founder and CEO of Figure Markets, a decentralized platform for traders and investors, the insolvent digital asset trading company FTX is going to auction off its sealed Solana (SOL) wallet.
Crypto enthusiasts are waiting with bated breath for the upcoming auction to release the trapped SOL tokens; Cagney has already announced that the sale will not occur at a fixed price for the whole holding.
Additionally, in order to participate in the next SOL auctions from the FTX estate, Cagney’s Figure Markets plans to establish an SPV. In addition to authorized US investors, the SPV will be open to any investor from outside the US (subject to KYC).
Notable crypto-focused organizations, including Pantera Capital and Galaxy Digital, run by Mike Novogratz, purchased SOL tokens from the FTX estate for $1.9 billion.
Locked Solana tokens, which made up most of FTX’s digital assets before its collapse, attracted the curiosity of purchasers willing to take a chance on a reduced purchase. Until a later date, purchasers will not be able to sell their tokens. At a price of around $60 per token, the recent sale of almost two-thirds of FTX’s shares generated $2.6 billion.
It seemed like a good idea to acquire Solana now since its value is $150. But since cryptocurrency prices are so unpredictable, there’s a good chance that they’ll change a lot before the tokens are available for purchase.
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