The sale occurred at $64 per $SOL token, involving major crypto VCs, Pantera Capital and Galaxy Digital. This was a strategic move.
Under the agreement, the bought $SOL tokens will be locked for four years, barring any sale or trade until then.
Four-Year Lock-Up for Purchased $SOL Tokens
This transaction marks a notable moment for the FTX Estate as it navigates through complex financial and operational restructuring. Choosing leading crypto VCs Pantera Capital and Galaxy Digital highlights the sale’s strategic value. It boosts FTX Estate’s liquidity and shows faith in $SOL’s and Solana’s long-term value.
🚨BREAKING
The bankruptcy estate of FTX has sold locked $SOL tokens, for approximately $1.6 billion at a rate of $64 per token.
This sale involved key firms such as Galaxy Trading and Pantera Capital. pic.twitter.com/xmOnBkyV6q
— Elja (@Eljaboom) April 5, 2024
The lock-up period of four years is particularly significant. It indicates a long-term investment approach by Pantera Capital and Galaxy Digital. This suggests their belief in the enduring potential of Solana. This could stabilize $SOL’s market by holding large amounts without immediate sale, possibly lowering volatility.
More About SOL
This deal showcases the growing trend of major strategic transactions in the evolving cryptocurrency market. These transactions can redefine financial landscapes and potentially steer overall market trends and sentiment.
FTX’s bankruptcy administrators have sold locked Solana tokens worth about $1.6bn at $64 per token to firms including Galaxy Trading and Pantera Capital.
The deal, stemming from FTX’s bankruptcy in November 2022, is unprecedented in scale and scope in the crypto industry. For… pic.twitter.com/MHdE9q6xlW
— Moon (@Catherine_ccz) April 7, 2024
The strategic lock-up of the tokens for four years carries implications for the supply dynamics of $SOL. By reducing tokens in circulation, the deal could tighten supply, possibly stabilizing or boosting the token’s price.
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