Bittime - Crypto exchange FTX has sold 1.9 billion US dollars of locked Solana (SOL) tokens to investment companies such as Galaxy Digital and Pantera Capital.
Figure CEO, Mike Cagney, revealed that the next sale of Solana will be carried out through an auction mechanism, although the details have not been made public.
Solana Token Auction by FTX
There is interest in these locked Solana tokens, representing the majority of Solana assets held before the FTX crash.
However, the sale realization will not take place in the near future, because it can only be done on a predetermined date in the future.
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Solana Token Price
Buying Solana tokens at the current price of $152 is an interesting investment opportunity. However, the volatility of cryptographic markets presents the risk of significant price fluctuations before tokens can be unlocked and funds can be disbursed.
Despite this, locked Solana tokens remain in demand. Figure Markets, under the leadership of Mike Cagney, plans to establish a Special Purpose Vehicle (SPV) to facilitate the participation of non-US investors and accredited US investors in the upcoming auction.
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Figure Markets Interest In Solana Tokens
Figure Markets, which actively participates in auctions, plans to establish a Special Purpose Vehicle (SPV) to open opportunities for non-US investors and accredited US investors.
This SPV will implement a community-based decision-making system regarding the offering price, where every $1 is equivalent to one vote. Interested investors can invest using US dollars, USDC, Bitcoin, and Ether.
Last summer, FTX named Mike Novogratz, CEO of Galaxy Digital, as its investment manager.
He was entrusted with overseeing the sale of Bitcoin, Ethereum, Solana and several other crypto assets with a total value of $3.4 billion.
FTX's Solana Asset Rescue Fund
In early March, Pantera, an asset management firm valued at $5.2 billion, launched the Pantera Solana Fund.
The fund aims to purchase up to $250 million worth of SOL tokens from bankrupt FTX assets.
At the end of the same month, on March 27, Neptune Digital Assets Corp., a Vancouver-based company, announced the acquisition of 26,964 SOL tokens with a total value of $1.7 million.
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Solana Token Auction Method Response by FTX
The implementation of the auction sales method was welcomed positively by some FTX creditors, especially those who felt disadvantaged by previous fixed price sales.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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