Big Names Score $2.6 Billion in Discounted Solana from FTX Auction: Any Impact on Solana's Price?

In a dramatic conclusion to weeks of auctions, bankrupt crypto exchange FTX has sold $2.6 billion worth of Solana tokens at a deep discount.

Figure Markets and Pantera Capital were among the key players snapping up these discounted assets. Figure Markets secured 800,000 Solana tokens for around $80 million, translating to just $102 per token, significantly below the market price of $168. Kyle Chasse, founder of Master Ventures, highlighted the significance of these deals for FTX’s liquidation process. “This marks a pivotal point in FTX’s asset liquidation,” Chassé remarked.

Pantera Capital also participated, although their purchase details remain undisclosed. Their ongoing interest in Solana, despite market volatility, underscores their strategic investment vision. Earlier, Pantera aimed to raise $250 million to buy Solana from FTX, reflecting their confidence in its future.

Interestingly, this sale did not trigger a massive sell-off. Solana is trading at $168.5, showing a minor 1.73% loss in the last 24 hours, according to BeInCrypto.

FTX’s Bankruptcy and Recovery

FTX’s downfall, linked to founder Sam Bankman-Fried’s financial mismanagement, has been a major crypto scandal. The exchange owes over $11 billion to more than two million customers and other creditors. Despite this, FTX has uncovered a surplus cash reserve of $16.3 billion, which bodes well for repaying creditors, including interest.

FTX’s proactive asset liquidation and the discovery of surplus cash are positive signs for its recovery. The exchange’s revised Chapter 11 plan, pending court approval, aims to ensure fair asset distribution among customers.

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