FTX is in the process of offloading the third batch of locked Solana this week, following the first major sale and a smaller auction last month. According to a source familiar with the process, the bidding date for the final batch of SOL has been set for May 9th, but the number of coins to be auctioned in this batch is not yet clear.
FTX in the Process of Selling 41 Million Solana
FTX is in the process of selling approximately 41 million locked Solana. These cryptocurrency units will be unlocked over a four-year period and released according to a staking rewards entitlement program.
The first sale took place in March, where each token was sold to bidders like Galaxy Trading and Pantera for $64. The total sale was about two-thirds of the total Solana assets held, amounting to approximately $1.7 billion in transactions.
In an auction last month, FTX sold an additional 1.8 million Solana worth $232 million to buyers like Galaxy Trading. In this auction, bids for the locked Solana ranged from $85 to $110, and it was claimed that bids over $95 were accepted. On the date of the auction, the price of Solana was around $150, similar to today’s prices.
FTX Publishes Draft of Bankruptcy Plan
Early this morning, FTX published the draft of its bankruptcy plan as Chapter 11. The plan aims to meet at least 118% of the allowed claims of 98% of the creditors of the bankrupt exchange.
Galaxy Asset Management and FTX Estate are known as the institutions managing the sale of the locked Solana.
