FTX Conducts Another Solana Sale Below Market Value

FTX administrators have completed the second phase of Solana (SOL) token sales at approximately $100, reports The Block.

According to the publication, the company auctioned off 1.8 million SOL over the past few weeks. 

Bids ranged from $95 to $110 per token, which is 15-25% below the market price. A four-year vesting period for the assets is in place.

Galaxy Trading once again raised funds from investors to bid on some of the locked Solana tokens, sources said. It is noted that this time the minimum investment size was significantly higher—the company expected participants to commit resources of at least $5 million.

The next auction is scheduled for May 1, according to information from Figure Markets head Mike Cagney. His firm is creating a special tool for bidding on “locked” SOL. 

In the previous auction, FTX administrators sold Solana worth ~$1.9 billion at a 62% discount (25-30 million tokens at $64), causing discontent among creditors.