The FTX estate has commenced its auction for the third tranche of locked Solana this week, marking another step in the ongoing process of liquidating its holdings. Bidding for this tranche is scheduled for May 9, according to a source familiar with the proceedings. The exact quantity of coins being auctioned in this tranche remains undisclosed at the moment.
This auction follows previous sales conducted by the FTX estate, with the aim of divesting approximately 41 million locked Solana tokens. These tokens are subject to a four-year unlocking period, with staking rewards being distributed according to the vesting schedule.
In March, the estate initiated its first sale, with tokens fetching $64 each and attracting bids from prominent entities such as Galaxy Trading and Pantera, as previously reported by The Block. According to Bloomberg, this sale amounted to roughly two-thirds of the estate’s total Solana holdings, totaling around $1.7 billion.
Subsequently, in a separate auction held last month, the estate offloaded an additional 1.8 million Solana tokens, equivalent to $232 million. Buyers, including Galaxy Trading, participated in this auction, with bids ranging from $85 to $110 per token. It was reported that bids at $95 and above were accepted. Notably, the price of Solana during the auction was approximately $150, similar to current market levels.
In a recent development, the FTX estate unveiled its draft Chapter 11 bankruptcy plan earlier today. Under this plan, the bankrupt exchange aims to provide 98% of its creditors with at least 118% of their allowed claims.
