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FTX Sold 30 Million Solana (SOL) Tokens at a 60% Discount

FTX’s administrators have sold a significant portion of its Solana (SOL) assets, fetching nearly $1.9 billion. This transaction saw between 25 million and 30 million SOL tokens, part of a larger $2.6 billion cache, being sold at a 60% discount, for $64 each.

The sale’s timing is critical, considering SOL’s current market price hovered around $172. It indicates a hefty concession but promising a potentially lucrative return for the buyers.

30 Million Solana (SOL) Tokens Sold

The sale attracted notable firms from Galaxy Trading to Pantera Capital. Therefore, it showcased the deep interest and potential confidence in Solana’s future. This strategic divestment is part of FTX’s dissolution process, initiated after its infamous collapse in November 2022.

The deal’s scale and the significant discount highlight the risk appetite of institutional investors in a market known for its volatility. Solana, in particular, has experienced dramatic price swings, dropping by as much as 97% in past bear markets.

Observers like Eva Weng, from Caladan, remarked on the unique nature of the transaction. She pointed out that investors are essentially trading immediate liquidity for the chance to buy at significantly reduced prices, with a four-year lock-up period on their capital.

“Basically you’re exchanging time for a discount — you have to lock up your capital for four years, but you get to pay much less for the tokens,” Weng said.

This backdrop adds a layer of intrigue to the sale, as Solana was among the most affected by FTX’s collapse.

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In conclusion, the sale of between 25 million and 30 million SOL tokens by FTX at a significant discount of 60% for $64 each, totaling nearly $1.9 billion, has garnered interest from notable firms like Galaxy Trading and Pantera Capital. This transaction, part of a larger cache of $2.6 billion, signals confidence in Solana’s future despite its past volatility and FTX’s collapse. Investors are taking a calculated risk by trading immediate liquidity for the opportunity to purchase tokens at reduced prices with a four-year lock-up period. The sale showcases the resilience and potential of Solana in the crypto market, attracting attention from institutional investors looking for long-term returns.

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