FTX's $2.6B SOL Holdings Under Auction

IconCrypto News Terminal24 Apr, 2024

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FTX's $2.6B SOL Holdings Under Auction

FTX, one of the world's largest crypto exchanges, is in the middle of a massive selloff of its SOL holdings. Sources say that a private auction is underway, with results expected tomorrow. The size of the SOL being sold is unknown, but FTX has already disclosed $300 million in SOL sales last month. This private auction is expected to fetch a higher price, with bids expected from Figure Markets, Pantera Capital, and Abra. Previously on April 23, 2024 - "Citing multiple sources, Bloomberg reported that a private auction for FTX's SOL holdings is taking place on Wednesday (local time), with results expected to be released the following day. The size of the SOL being sold in this offering is not known. FTX had disclosed the sale of approximately $300 million worth of SOL last month. Results for April have not been released yet. Cumulative sales to date are estimated to be over 60% of total holdings (valued at $2.6 billion). The average sale price was around $172, but a higher price is expected in this auction. Figure Markets, Pantera Capital, and Abra are among the bidders reportedly interested in the auction. Pantera is said to be considering bidding on its own or via a special purpose vehicle (SPV)."

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