🚀 FTX, the bankrupt crypto exchange, is changing its game plan! It's auctioning off its remaining Solana (SOL) tokens, hoping for a better price than direct sales. 🎯

🔸 FTX's move to auctions is a fresh strategy, ditching the fixed-price sales that have been causing dissatisfaction among creditors. Why? They feel it undermines the value of FTX's assets, reducing their potential recovery.

🔸 Big names like Pantera Capital, Neptune Digital Assets Corp, and Galaxy Trading have shown interest in FTX's SOL. Last month, FTX sold 25-30 million SOL at $64 each, netting up to $1.9 billion.

🔸 The auction deadline? Wednesday, April 24. Stay tuned for the results on Thursday!

🔸 Figure Markets is one firm that's publicly declared interest in the auction. They're creating a Special Purpose Vehicle (SPV) for the auctions, open to both non-U.S. and U.S. investors.

🔸 The SPV will take investments in USD and Circle (USDC), with bid prices decided on a $1:1 vote basis. It also lowers the bar for participation, with a minimum investment of $5,000, compared to the $5 million set by the estate for direct sales.

What are your thoughts on this? Drop your comments below! 👇 #DeFi #Web3