Since the closure of FTX in November 2022, the bankruptcy reorganization team of FTX has been actively raising funds to repay creditors, including selling cryptocurrency assets for cash. The previous auction had an average cost of only $64, resulting in a significant price difference.
(Background:
SBF, FTX victims reach settlement agreement: SBF withdraws lawsuit in exchange for cooperation in pursuing civil liability for “celebrity spokesperson”.
SOL falls below $170: FTX offers a 66% discount to sell to institutions, will it crash the market? How long is the lock-up period?)
Since its closure in November 2022, the reorganization team of bankrupt cryptocurrency exchange FTX has been actively raising funds to repay creditors, including selling FTX’s cryptocurrency assets for cash.
Previously, many companies have acquired “locked SOL tokens” from FTX through direct purchase or fundraising. According to Figure CEO Mike Cagney, the next sale of “locked SOL tokens” will be conducted through an auction, although specific details have not been announced.
Retail investors have the opportunity to participate. Furthermore, Mike Cagney also stated that Figure Markets plans to create a special purpose vehicle (SPV) to participate in the upcoming SOL auction organized by FTX. For ordinary investors, this may be one of the few opportunities to participate in institutional auctions.
However, Figure Markets stated in the explanation that it will charge a management fee of 50 basis points (0.5%) for the SPV. Interested readers can visit Figure Markets for relevant information.
The initial auction had an average cost of only $64. In September 2023, the FTX reorganization team chose Galaxy Asset Management to assist in the sale of SOL tokens. The registered investment advisor (RIA) is distributing the tokens to potential bidders, some of whom are raising funds for larger-scale bidding.
Neptune Digital is the first company to publicly announce the acquisition of locked SOL tokens from FTX, purchasing 26,964 tokens at a price of $64 each.
Galaxy Trading is one of the funds that raised funds from investors to bid for locked SOL tokens. Investors can also participate at a price of $64 per token, and the fund charges a 1% management fee.
The current price of SOL is $152, which is a discount of up to 57.9% compared to $64. This means that purchasing SOL at $64 can yield a profit of over 237%. However, investors do not need to worry too much about the selling pressure of SOL. It should be noted that the mentioned sales by FTX are all “locked SOL tokens” and will not have a significant impact on the market in the short term.
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