The estate of bankrupt cryptocurrency exchange FTX is preparing for another significant asset sale that will involve Solana tokens (SOL). Unlike previous deals, this time Solana tokens will be sold via auction.
According to Mike Cagney, CEO of decentralized finance company Figure Markets, the company will reveal the exact details of the auction today. The decision to opt for an auction rather than a fixed-price sale reflects a strategic pivot designed to potentially maximize returns for legacy lenders.
What is the price of this #Solana token sale?
FTX's previous Solana token sale brought in $1.9 billion, with each token priced at around $64, as opposed to Solana's current market value of around $150, 67% below market value at the time. As #FTX reported in the summer of 2023, the bankrupt #cryptocurrency exchange held $1.2 billion in Solana as of August 31, 2023. At that time, #SOL was worth US$BTC Figure Markets, led by Cagney, organized a special purpose vehicle (SPV) to allow a wider range of investors to participate in the auction. The SPV will open the doors to non-US and accredited US investors to consolidate and enhance the bidding process.
Cagney's announcement on X (formerly Twitter) is both a call to action and an invitation: "We have confirmed that the next batch of Solana coins from the FTX Estate will be auctioned. If you would like to participate, please do so.
In another post on X's website, Cagney wrote, "So, are you an FTX lender who is upset about the SOL sale? Or are you not a lender but think the recent sales are too cheap? Well, now you can do something about it. " In addition to providing financial opportunities for investors, the initiative gives affected parties a platform to positively influence the outcome of the asset liquidation process.
The locked Solana tokens represent the majority of assets at the time of the FTX collapse and are targeted by buyers looking to speculate on future market movements of these assets.
Jake Simmons has been into #bitcoin since 2016.
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