FTX sells $7.5 billion SOL for only $64! Many buyers rush to buy

According to The Block, citing people familiar with the matter, the FTX bankruptcy reorganization team selected Galaxy Asset Management to assist in the sale of SOL tokens in September 2023. The registered investment adviser (RIA) is in the process of representing Coins are allocated to potential bidders, some of whom are raising funds to launch larger bids.

Neptune Digital is the first company to publicly announce that it has acquired FTX locked SOL. Neptune Digital purchased 26,964 SOL at a price of US$64 each, 20% of which will be unlocked in March 2025. , the remaining tokens will be unlocked linearly every month until 2028.

The current price of SOL is US$188. Compared with US$64, the discount is as high as 66%. This means that if you purchase SOL for US$64, you can directly earn more than 290%.

Galaxy Trading is one of the funds that raises funds from investors to bid for locked SOL. Investors can also participate at a price of US$64 per coin. The fund will charge a 1% management fee, while BitGo Is the SOL token custodian.

It is reported that although some transactions for FTX to sell SOL tokens have been completed, there are still remaining SOLs, which are expected to be auctioned next month. A source said that there is a huge demand for SOLs because investors understand , they were underexposed to SOL as it rose rapidly.

Other funds are also interested

Earlier this month, it was reported that Pantera was raising funds from investors to establish a fund to purchase locked SOL valued at US$250 million. Pantera plans to A management fee of 0.75% and a performance fee of 10% are charged.

Phoenix Digital also sought to raise funds to purchase locked SOL. The company required a minimum investment of $100,000. However, two sources said that the company’s acquisition attempt was allegedly unsuccessful. In addition , FalconX is also raising funds to buy locked SOL.

A source revealed that in addition to assisting FTX in selling SOL, Galaxy Asset Management also assisted in the sale of 42 other tokens mainly based on Solana and Ethereum, with a total value of approximately US$211 million, including US$29.4 million. GT, $23 million Atlas, $23 million SHDW, $20 million Bitfinex token Unus Sed Leo.

However, according to InnerCityPress, during the SBF sentencing hearing, Sunil Kuvari, the victim of FTX’s bankruptcy case, criticized FTX’s law firm Sullivan & Cromwell for trampling on its property rights and selling FTX’s $10 billion SOL at a 30% discount to Own client Galaxy.

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