Post-bankruptcy firm FTX has sold most of its Solana (SOL) assets at a discount, Bloomberg reports.
The court-approved sale was supposed to allow #FTX to pay off creditors, causing #SOL investors to worry about the potential impact on the market.
The exchange sold the tokens at a price below their market value.
According to Bloomberg, FTX sold 30 million SOL tokens to prominent investors, including Galaxy Trading and Pantera Capital, at a significant discount to the market price, generating about $1.9 billion in proceeds.
To stabilize the market, the SOL tokens sold were locked up until January 2028, and FTX holds 21 million SOL tokens, currently valued at approximately $3.75 billion.
In 2022, despite the imprisonment of FTX CEO Sam Bankman Fried and the negative effects of the FTX collapse, the #Solana market recovered significantly.
This revival has been fueled by the success of meme coins and competition from #BTC . Trading volume on DEX has increased by 332% and market value by 97% over the last quarter, demonstrating Solana's growing importance in the crypto ecosystem.
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