FTX Solana Auction: 11,2 Million Tokens Hit the Market in March

• FTX: Solana Auction.
• Solana: 11,2 million tokens.
• Refunds: Dissatisfied creditors.

The FTX cryptocurrency exchange saga continues to yield new chapters, with the next major event scheduled for March: the unlocking of 11,2 million tokens Solana (SOL), valued at an impressive $2,04 billion. This unlocking, resulting from the FTX bankruptcy auction, promises to move the market and reignite debates about the fairness of the creditor repayment process.

The move comes as FTX’s creditors are beginning to be paid out, with an initial distribution of $1,2 billion to small-claim holders scheduled for this week. The complex situation at FTX, which went bankrupt amid allegations of mismanagement and fraud, is still resonating in the market, with many questioning the way the assets are being distributed and the impact this will have on the future of cryptocurrencies.

Remembering the FTX auction

As part of its bankruptcy proceedings, FTX liquidated a total of 41 million SOL in three separate auctions, seeking to raise funds to pay its creditors. Among the buyers, Galaxy Digital stands out, which acquired the largest share, 25,52 million SOL, at a price of US$ 64 per token. Considering Solana's appreciation since the bankruptcy of FTX, Galaxy's return is estimated at 187%, a considerable profit.

Other major buyers include Pantera, which secured 13,67 million SOL at $95 per token, and a group of investors who acquired 1,8 million SOL at $102. All of them are also set to reap significant profits from Solana’s appreciation.

The Future of Solana and the Impact of the Auction

The unlocking of 11,2 million SOL tokens in March raises questions about the impact this will have on the Solana market. The large amount of tokens entering circulation could create selling pressure, impacting the cryptocurrency’s price.

However, there are also those who believe that the FTX auction could have a positive effect in the long term, concentrating SOL ownership in strong hands committed to the future of the cryptocurrency.

At the time of publication, the price of Solana was listed at US$185,45, up 2.8% in the last 24 hours.