Interested buyers must submit their bids for the WLD token sale by 8 PM ET Wednesday, two of the sources said, adding that those parties will be notified by Thursday if their bids are accepted. The discount on the WLD tokens could range from 40% to 75% off the current spot market price of WLD, which is trading at around $1.69, the two sources said.
The FTX estate holds a total of 22.3 million WLD tokens, indicating that there will be no further auctions for these tokens, according to the two sources.
The WLD tokens will unlock daily through 2028. Specifically, 20,539 WLD tokens will unlock daily from Dec. 1, 2024, to July 24, 2026, and 13,689 WLD tokens will unlock daily from July 25, 2026, to July 24, 2028, the two sources added.
One of the three sources, along with a separate fourth source, expressed concerns about the length of the lockup periods for the WLD tokens.
The FTX estate previously sold SOL and Metaplex (MPLX) tokens before moving on to WLD. In May, the FTX estate wrapped up the sale of its $7.5 billion stash of discounted Solana tokens, which attracted interest from high-profile investors, including Pantera Capital. Last month, as The Block reported, several crypto funds, including Pantera Capital and ParaFi Capital, bought 62.6 million MPLX tokens from Wave Digital Assets, which were originally held by the FTX estate.
The FTX estate appears to have sold most of its tokens and now holds approximately $594 million in remaining assets, according to Arkham data. However, a significant portion of these assets, some $541 million, is in the form of FTX's FTT token, which is highly illiquid and may not get sold as the estate marked it to zero.
(with contribution from Tim Copeland)
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