Bankrupt cryptocurrency exchange FTX is looking to offload its remaining Solana native tokens, SOL, via an auction this week.
According to a Bloomberg report, people familiar with the matter said the bankruptcy estate would auction an unspecified amount of SOL in the hopes of receiving a higher price than that which they would have gotten through direct sales.
FTX to Sell SOL Via Auction
The blond auction represents a shift from the fixed-price sales the bankruptcy estate has engaged in over time. Notably, most creditors have expressed dissatisfaction with the direct sales approach as it undermines the value of the FTX’s assets, minimizing creditors’ potential recovery.
Since FTX began offloading its SOL via direct sales, it has attracted the interest of major crypto firms like Pantera Capital, Neptune Digital Assets Corp, and Galaxy Trading, a division of Mike Novogratz’s Galaxy Digital.
Last month, the bankruptcy estate sold between 25 million and 30 million locked-up SOL at $6
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