Crypto News– The FTX bankruptcy estate appears to be exploring options to optimize the sale of their remaining locked Solana (SOL) tokens, leaning towards an auction format rather than a fixed market price.
FTX Plans Auction for Additional Locked Solana Tokens, According to Figure Markets CEO
In a post shared on X, Mike Cagney, CEO of crypto exchange Figure Markets, revealed that the next round of locked SOL tokens would be offered through an auction, with precise details expected to be unveiled on April 22. Figure Markets extended an invitation to the community to participate in the SOL auctions, announcing their intention to establish a Special Purpose Vehicle (SPV) accessible to both non-US investors and accredited US investors.
Just got confirmation that the next round of locked #solana coins from the #FTX estate will be an auction, with exact details coming Monday. If you want in, join us. https://t.co/RuA41vgWAx
— Mike Cagney (@mcagney) April 20, 2024
The SPV will operate on the basis of community consensus, with each $1 equating to one vote on bid price. Investments in US dollars, USDC, bitcoin, and ether will be welcomed.
Last month, FTX initiated the sale of its $7.5 billion reserve of locked SOL, with one firm disclosing its acquisition of 26,964 SOL at a price of $64 per token, representing a 67% discount to its market value at the time.
The discounted sales of SOL tokens have raised concerns among certain FTX creditors, who feel disadvantaged in terms of creditor repayments.
The transition towards an auction-based sales approach has garnered approval from Suni Kavuri, an FTX “creditor activist, who has voiced the dissatisfaction of FTX creditors regarding Sullivan & Cromwell’s handling of the exchange’s assets on multiple occasions.
According to Kavuri, Figure Markets‘ Cagney has devised a method for creditors to participate in these sales with a minimum investment of $5,000, as opposed to the $5 million required for direct purchases from FTX.
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