The FTX estate’s sale of 41 million locked Solana tokens worth $7.5 billion has garnered significant attention from investors, according to sources familiar with the discussions. Nine sources close to the matter have reported heavy demand for the tokens.
Galaxy Asset Management was selected by the FTX estate in September 2023 to oversee the token sales, based on its reputation for providing cost-effective and discreet services. The registered investment advisor has been allocating the tokens to prospective bidders, some of whom are pooling funds to submit larger bids.
Neptune Digital emerged as the first firm to publicly announce its acquisition of locked Solana tokens from the FTX estate. The company disclosed the purchase of 26,964 SOL at $64 per token. A portion of these tokens will be unlocked in March 2025, with the remainder scheduled to unlock monthly until 2028.
Reportedly, Galaxy Trading, another participant in the bidding process, is in the process of raising capital from investors with the aim of acquiring locked Solana tokens at a rate of $64 per token. This fund is set to include a management fee of 1%. BitGo, a reputable entity in the cryptocurrency industry, is designated to act as the custodian of the tokens, ensuring their safekeeping and security.
While some deals have already closed, there is still a portion of the tokens remaining, with expectations that they will become available late next month. The strong demand for the tokens is attributed to investors recognizing the opportunity to diversify their portfolios amid the rapid price appreciation of Solana.
In addition to Galaxy Asset Management, other investment funds such as Pantera, Phoenix, and FalconX have also expressed interest in acquiring locked Solana tokens from the FTX estate. These funds are reportedly raising capital to make significant bids for the tokens.
Furthermore, Galaxy Asset Management is facilitating the sale of 42 other tokens, primarily based on Solana and Ethereum, with a combined value of approximately $211 million.
