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FTX Estate Concludes Second Auction of Locked Solana Tokens with Strong Bids

FTX estate continues selling locked solana tokens in second auction

As the FTX estate wraps up another round of its locked Solana token sales, bids nearing the $100 mark demonstrate the continued investor confidence in the cryptocurrency's value.

Key takeaways:

  • FTX estate's second auction of locked Solana tokens sees bids between $85 and $110.
  • Notable participation from investment firms like Galaxy Trading and Pantera Capital highlights strong market demand.

The FTX estate is finalizing the second tranche of its Solana token sales, offloading 1.8 million SOL valued at approximately $232 million. This auction, which concluded with KYC procedures on April 25, attracted bids ranging from $85 to $110. According to insiders, successful bids predominantly hovered around $95 and above, translating to a 26% discount on the tokens' current market price, while a $110 bid offered a 15% discount.

Strategic investments and future auctions

Notably, Galaxy Trading actively raised funds to secure a significant portion of the locked tokens, requiring a minimum investment commitment of $5 million—indicative of the high stakes involved in this round. Bloomberg reports that Pantera Capital also expanded its holdings of locked Solana, which like all tokens in this auction, are bound by a four-year vesting period.

The ongoing interest in locked Solana tokens is underscored by the announcement of another auction set to begin on May 1. Figure Markets CEO, Mike Cagney, mentioned that the firm is preparing a special purpose vehicle to participate in the upcoming auctions, targeting both non-U.S. and accredited U.S. investors.

The current and past auctions reflect a strong demand trajectory for Solana tokens. In a previous sale in March, locked tokens were sold at $64 each, with demand so high that allocations for investors like those in Galaxy Trading's syndicate were reduced. The volume of that sale represented about two-thirds of the estate's 41 million Solana holdings.