GetBlock Magazine - What happened? The managers of the bankrupt crypto exchange FTX completed the second tranche of sales of blocked native tokens of the Solana (SOL) blockchain through an auction. According to The Block's sources, bids ranged from $85 to $110, which is 30-9% lower than the current market value of the asset.
What else is known? FTX announced auctions for SOL on its balance sheet in late April, citing high demand. Previously, sales were held behind closed doors and at a predetermined price.
SOLs occupy the largest part of the exchange’s crypto portfolio; they are locked for a period of four years and cannot be sold on the market until a certain date, and are sold at auction at a discount to the market price.
One of the winners of the first auction was leading digital asset management company Pantera Capital, which previously launched a $250 million fund to buy out SOL from FTX.
In total, FTX sold 1.8 million SOL in the auction, which took place over the past two weeks.
According to Figure Markets CEO Mike Cagney, the next auction will begin on May 1. His company will also take part in the auction. Galaxy Trading is also raising money from investors to participate in the auction, two of the sources said.
The sale of blocked SOLs on behalf of FTX is handled by Galaxy Asset Management.
