FTX Estate Plans Auction for Locked Solana Tokens

Bankrupt cryptocurrency exchange FTX is preparing to offload more of its locked Solana (SOL) tokens through an auction, diverging from its previous method of selling at a set price, as announced by Mike Cagney of Figure Markets. This decision follows FTX’s recent sales of SOL tokens, amounting to approximately $1.9 billion and $2.6 billion in total, with significant interest from major crypto-focused firms. Figure Markets plans to create a Special Purpose Vehicle (SPV) to participate in the auction, aiming to attract both non-US and accredited US investors, amidst the cryptocurrency community’s eager anticipation for the potentially discounted assets.