FTX Concludes SOL Token Sale Below Market Value, Reports Bloomberg

The bankrupt exchange FTX has concluded a series of auctions, selling Solana (SOL) tokens valued at $2.6 billion at significant discounts to market prices, according to Bloomberg.

Sources indicate that Figure Markets participated in the auctions, acquiring a lot of 800,000 SOL at approximately $108 per token. Over the past day, the token has depreciated by nearly 5% and is trading around $167 (CoinGecko).

During the auction, an undisclosed volume of the asset was purchased by Pantera Capital, though sources declined to disclose specific figures. Earlier this year, media reported that the company had specifically raised $250 million to buy SOL from FTX.

The tokens owned by the exchange are subject to a four-year vesting period, with gradual unlocking set to begin in a few months.

The first auction in early April drew sharp criticism from creditors due to a 62% discount. The primary buyers of SOL amounting to ~$1.9 billion were Pantera and Galaxy Trading, a subsidiary of Mike Novogratz’s Galaxy Digital.

Later in the month, subsequent auctions took place at prices around $100.

In May, FTX liquidators proposed a new compensation plan, under which 98% of creditors would receive at least 118%. For the remaining creditors, compensation would be 100%.

The largest group of affected clients opposed the proposal, citing among its drawbacks payments in fiat. Under this scheme, for example, compensation for Bitcoin would be $16,800, compared to current prices of around $67,500.

Back in March, FTX founder and former CEO Sam Bankman-Fried was sentenced to 25 years in prison.