The 41 million staked SOL sold by FTX Estate, worth $7.5 billion, is in high demand, Foresight News reported, citing nine people familiar with the matter.

FTX Estate selected Galaxy Asset Management in September 2023 to facilitate the token sale. Neptune Digital has publicly stated that it is the first company to have acquired staked SOL from FTX Estate, purchasing 26,964 SOL at a price of $64 per token. 20% of the tokens will be unlocked in March 2025, and the remaining tokens will be unlocked monthly until 2028.

Galaxy Trading is one of the funds raising funds from investors in order to bid for a portion of the SOL pledged by FTX Estate. Investors can bid for $64 per token, according to three sources. The fund’s management fee is 1%, according to documents seen by The Block. BitGo will be the custodian of the tokens, the filing said. While the fund will distribute staking rewards based on purchases, rewards will currently be staked alongside the underlying tokens. After agreeing with Galaxy Trading, their allocation was reduced by 13% at the close of the deal, two sources said. This is because FTX Estate has the final say on allocations, according to a person familiar with the matter. While some of the deals have now been completed, some tokens remain and the products are expected to be available late next month, two sources said.

In addition, Pantera, Phoenix, and FalconX are all raising funds to purchase these SOLs. Galaxy Asset Management is also selling 42 other tokens, mostly based on Solana and Ethereum, with a total value of about $211 million, according to one source. This includes $29.4 million in gatetokens, $23 million in atlas, $23 million in shadow tokens, and $20 million in Bitfinex tokens.