The bankrupt crypto exchange FTX has completed the sale of $2.6 billion worth of Solana (SOL) tokens. This marks the end of weeks-long auctions, with buyers like Figure Markets and Pantera Capital.
Figure Markets bought 800,000 Solana tokens for about $80 million, paying roughly $102 per token—below the market price of $166. Pantera Capital also participated, though their purchase details remain undisclosed.
FTX’s collapse, due to founder Sam Bankman-Fried’s financial mismanagement, left it owing over $11 billion. Despite this, FTX revealed a surplus cash reserve of $16.3 billion, aiming to repay creditors fully.
FTX’s proactive asset liquidation and surplus cash reserve signal a positive outlook for its recovery plan, despite ongoing challenges. The exchange’s commitment to repaying creditors and navigating financial uncertainties highlights its resilience and strategic importance in the crypto industry.
For further details, see the Bloomberg report.
