Image Markets CEO FTX confirmed the remaining locked-in Solana (SOL) bid.
FTX will auction the remaining locked Solana (SOL) tokens. The last SOL token sale by FTX attracted a lot of buyer interest. Image Markets has confirmed that it will participate in the auction.
The locked FTX cryptocurrency exchange is going to auction off the remaining locked Solana (SOL) tokens from the asset. The decision follows the success of the previous sale, which generated great interest from buyers.
Image Markets CEO and Chairman of the Board Mike Cagney confirmed that the decentralized exchange will participate in the upcoming auction.
Image Markets introduced the SPV investment opportunity
Image Markets has announced a Special Purpose Vehicle (SPV) for non-US investors (subject to KYC) and accredited US investors to facilitate Image Markets' participation in SOL auctions from FTX States.
The SPV operates based on community consensus, where every dollar invested equals one vote to determine the bid price and subsequent management decisions.
Investors wishing to participate in the SPV can do so using USD, USDC, BTC or ETH. Picture Markets charges an annual management fee of 50 bps to set up the SPV and cover ongoing management costs. Additionally, while there is no confirmed timeline yet, Image Markets plans to integrate SPVs into their exchanges, allowing investors to use them as collateral to borrow and offset their investments.
By offering this investment opportunity, Image Markets aims to provide a streamlined way for investors to participate in the auction of locked Solana tokens from the FTX estate. With the SPV structure, investors can comment on auction prices and subsequent management decisions, creating a community-based approach to investment in the cryptocurrency space.
FTX ex Solana (SOL) token sale
The success of FTX's previous SOL token sale to industry giants such as Pantera and Galaxy Digital cannot be overstated.
By selling two-thirds of the locked-up Solana tokens for an estimated $2.6 billion at $60 per token, FTX Estate made a significant profit from the sale.
For investors, with Solana's current price hovering around $153, the decision to buy past Solana's selloff seems prudent.
However, the volatile nature of cryptocurrencies requires careful caution and risk management, especially as the release of large amounts of tokens may create a surplus in supply and the value of the token may fall unless demand falls within the threshold.
