FTX Sells Its Solana Holdings At Around $62 Per $SOLANA....😱😱

After receiving court orders to to sell its massive SOL holdings to repay its creditors, Defunct crypto exchange FTX recently sold two-thirds of its Solana holdings for a massive discount,

the news of the court order sparked a wave of concerns from SOL investors, as a total selloff by FTX could tank the price of the cryptocurrency in just a few hours. Interestingly, the bankrupt crypto exchange has now gone ahead to sell a majority of its holdings below market value.

FTX sold around 30 million tokens to key investors, enabling it to round up $1.9 billion in funds. These SOL tokens were sold to prominent industry figures including Galaxy Trading which bought $620 million worth of SOL and Pantera Capital which bought $250 million worth of SOL. 

Considering the number of tokens sold and the amount raised, It is estimated that they were sold at $64 for each SOL. At the time of the transaction, SOL was trading at around $172, meaning they were sold at a 63% discount to the market price and were actually worth $5.16  billion.  

Solana has also seen robust growth in the Decentralized Exchange (DEX) and Decentralized Finance (DeFi) sectors. Particularly, the blockchain saw its DEX trading volume skyrocket by 332% and its market cap increase by 97% last quarter.

At the time of writing, Solana is trading at $177.5, up by 1.22% in the past 24 hours.