FTX No Longer To Sell Solana As Auction Has Ended


As reported by Bloomberg, the estate of the defunct cryptocurrency exchange has finished selling a collection of Solana (SOL) tokens worth $2.6 billion after conducting auctions for several weeks. This significant event attracted notable buyers such as Pantera Capital and Figure Markets, who seized the opportunity to acquire the tokens at deeply discounted prices.

FTX Solana Token Sale will Help Settle its Debts

According to people familiar with the matter, though undisclosed, Figure Market paid $80 million for a block of 800,000 coins. Although the auction result has not been released, another individual familiar with the matter mentioned that Figure paid about $102 per token, signifying a steep discount compared to the market price of around $166.

As per reports, Pantera Capital did not disclose the exact price it paid for the token, however, it was recorded that the firm bought it at a discounted price. Meanwhile, Solana’s token sale was one of the critical steps in FTX’s efforts to settle debts and reimburse creditors.

Pantera Raises Funds to Acquire Discounted SOL Tokens

Recall that in March, Pantera Capital, a premier asset manager with assets totaling $5.2 billion, started raising funds from institutional investors to acquire deeply discounted Solana tokens from the estate of bankrupt FTX.

The investment opportunity, known as Pantera Solana Fund, aims to raise capital to purchase up to $250 million SOL tokens from the FTX estate at a discounted rate. As observed by Bloomberg, participants in the Pantera Solana Fund can purchase SOL tokens at a discount of 39% below the 30-day average price or a fixed rate of $59.95. Nevertheless, investors must adhere to a four-year vesting period to access this purchasing opportunity.

Meanwhile, the purpose is to deflect market pressure on the token’s value.

FTX Cautiously Predicts Repaying Creditors in Full

In a filing submitted to the United States Bankruptcy Court for the District of Delaware, the FTX attorney, Andy Dietderich from law firm Sullivan and Cromwell, stated that the exchange could “cautiously predict” fully repaying users and creditors, but added that this was “an objective” and not a “guarantee.”

He added that after an exhaustive effort, the bankrupt exchange decided not to focus on a reboot, dubbed FTX 2.0, and rather, pay the creditors in full.

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