- FTX to unlock 11.2M SOL tokens on March 1st, valued at $2.06B in ongoing liquidation.
- Galaxy, Pantera, & Figure see high returns from SOL purchases in FTX’s bankruptcy auctions.
- Market reactions to SOL unlocking on March 1st could influence token prices and future trends.
FTX’s bankruptcy auction of 11.2 million SOL tokens, estimated to be worth around $2.06 billion, is set to begin on March 1. This marks the latest step in the troubled cryptocurrency exchange’s ongoing liquidation process to recover funds for its creditors. FTX has already sold 41 million SOL tokens across multiple auctions, generating significant revenue. In particular, the three largest buyers secured high returns on their investments.
Galaxy acquired 25.52 million SOL tokens at $64 in the first auction. With SOL’s price now significantly higher, Galaxy has achieved a 187% return on its investment. This highlights Solana’s resilience in the market and its promising prospects despite the FTX-related sell-offs.
Pantera’s SOL Investment Success
In the second auction, Pantera and several investors purchased 13.67 million SOL tokens at an average price of $95. These buyers achieved a 93% return, reinforcing the view that SOL remains a viable asset even in challenging market conditions. Notably, Pantera, a major player in cryptocurrency investment, managed to secure a substantial SOL holding.
Related: FTX Announces Payouts for <$50k Claims by 18 February 2025
Figure, along with other buyers, during the third auction, acquired 1.8 million SOL tokens at an average price of $102. With an 80% return, this investment has proven lucrative, particularly given the cryptocurrency market’s volatility.
The unlocking of these 11.2 million tokens on March 1st could impact the market in various ways, depending on overall conditions at the time. Market speculation stems from the actions of these major buyers, as FTX’s ongoing bankruptcy process could influence SOL’s price trajectory.
