Breaking: Galaxy, Pantera Capital Snap Up FTX Discounted Solana (SOL)

FTX’s bankruptcy administrators have liquidated a large portion of their Solana (SOL) token holdings. This sale involved between 25 million and 30 million locked-up SOL coins, priced at $64 each. The transaction raised $1.9 billion for the FTX estate. Given the token’s value at approximately $172 at the time, this sale marks a pivotal moment, reflecting a substantial discount for buyers.

The sale drew attention from major industry players, including Galaxy Trading and Pantera Capital, showcasing the high interest in the deal. The involved parties saw it as a chance for a considerable gain, provided SOL maintains its market value. However, this also presents a risk due to the token’s historical volatility. The deal’s scale and the conditions attached—like a four-year lock-up period for the capital.

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