FTX Estate is allaying investors’ concerns about $122 million worth of Solana (SOL) tokens.
The FTX estate has $122 million worth of Solana (SOL) tokens. FTX Estate has strategically placed 5.5 million SOL with Solana Networks Assurance. The move will reduce the risk that the SOL holdings on the property could be resolved.
In a significant move in the cryptocurrency landscape, the FTX asset sold more than 5.5 million Solana (SOL) tokens for a total of $122 million, according to on-chain data from Solana FM, along with Figment.
This development comes amid discussions and speculation in the crypto community regarding the asset's handling of its significant Solana holdings. Here's an overview of recent events and implications.
FTX Estate's strategic collection of Solana tokens
The move to include such a large amount of Solana tokens in the fiat has attracted the attention of industry observers, especially in light of concerns that a potential sale of assets could negatively impact SOL's market value.
This impressive move, valued at $122 million, represents a proactive approach from the FTX asset and a bullish stance on the long-term prospects of the Solana blockchain. As of press time, the SOL token was trading at $21.96 after a 2.08% increase after the news.
FTX asset recovery
In a recent court filing dated September 11, 2023, FTX State stated that it has successfully recovered assets totaling approximately $7 billion. Specifically, this includes over $1 billion worth of SOL tokens and a massive holding of $560 million in Bitcoin (BTC).
The estate revealed additional asset classes including $200 million in real estate holdings in the Bahamas and $1.9 billion in illegal assets. These disclosures highlight FTX's significant cash holdings and ongoing asset recovery and management efforts.
As the collapsed exchange finds itself embroiled in a legal battle involving fraud allegations against former CEO Sam Bankman-Fried, the latest strategic stake by FTX Estates shows a promising outlook for the Solana network. As SOL tokens are scheduled to continue to open, market observers will be closely monitoring the asset's future movements, which could have a significant impact on crypto market dynamics.
