What Will Happen to FTX’s $7.5 Billion Solana (SOL) Token? Will It Be Sold? Here’s What’s Known

According to sources close to the discussions on the subject, the sale of 41 million locked Solana tokens worth $ 7.5 billion by the bankrupt cryptocurrency exchange FTX company attracted great attention.

Galaxy Asset Management was selected by FTX company to broker the token sales in September 2023, as the company believed it would provide these services in a cost-effective and confidential manner.

Neptune Digital became the first company to publicly announce that it purchased the locked Solana token from FTX. The firm purchased 26,964 SOL at $64 per token. 20% of these tokens will be unlocked in March 2025, while the rest will be unlocked monthly until 2028.

Galaxy Trading is among the funds raising capital from investors to bid for part of the locked-up Solana. Investors can participate at $64 per token. The fund will charge a management fee of 1%. While BitGo will be the custodian of the tokens and the fund will distribute staking rewards in parallel with purchases, the rewards are currently planned to be locked together with the underlying tokens.

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While some of the deals have now been completed, some of the tokens are still pending. Although not yet confirmed, these are expected to be available late next month.

According to Bloomberg, Pantera was raising money from investors to create a fund to buy Solana from FTX, which was valued at $250 million. Phoenix Digital was also aiming to raise funds for a similar strategy, but the proposal did not materialize, according to two sources. FalconX was also raising funds to make a large offer for FTX.

In addition to Solana tokens, Galaxy Asset Management is selling 42 more tokens primarily based on Solana and Ethereum, with a total value of approximately $211 million. These include $29.4 million GT, $23 million ATLAS, $23 million Shadow Token, and $20 million Bitfinex token UNUS SED LEO.

*This is not investment advice.

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