In a significant development, FTX bankruptcy trustees have reportedly sold about two-thirds of a $2.6 billion stash of Solana (SOL) at a “deeply discounted price.”
Industry figures such as Galaxy Trading and Pantera Capital were among the investors involved in the deal, according to people familiar with the matter, as reported by Bloomberg.
SOL Tokens’ Four-Year Journey
Per the report, the FTX estate was able to sell between 25 million and 30 million locked-up Solana coins at $64 each, generating up to $1.9 billion in proceeds for the estate.
Under Mike Novogratz’s Galaxy Digital, Galaxy Trading managed to raise approximately $620 million for a fund established to purchase SOL from the FTX estate. According to the report, investors in the vehicle will be subject to a 1% management fee, and the investment will offer a yield through staking.
It is worth noting that the 41 million Solana tokens sold by the FTX estate are locked according to a pre-agreed vesting pe
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