Ifeanyi Jesse 
FTX Bankruptcy Estate To Sell $7.5B Solana
The FTX bankruptcy estate is selling 41 million locked solana (SOL) tokens for $7.5 billion, according to The Block, which cites various people who know the situation.
FTX Bankruptcy Estate Will Sell $7.5 Billion Worth of Solana
Galaxy Asset Management, a subsidiary of Galaxy Digital Holdings, facilitates these token transactions, while Galaxy Trading, another affiliate, is purportedly bidding for the estate’s locked SOL holdings.
On Wednesday, Canadian crypto infrastructure business Neptune Digital stated that it has completed a strategic acquisition of 26,964 SOL for $64 per token, reflecting a 67% reduction in its market value.
Neptune said that 20% of these tokens will be distributed in March 2025, with the remainder following a linear delivery schedule until January.
Sunil Kavuri, one of FTX’s creditors, stated in court on Thursday that FTX had sold part of their $10 billion SOL tokens at a 70% discount, according to InnerCityPress.
Kavuri is one of at least 50 individual FTX creditors who have expressed concerns about the aftermath of FTX’s failure and the bankruptcy estate’s handling of requested repayments.
In emailed victim impact statements to the US Department of Justice (DOJ), several creditors argued that Sullivan and Cromwell, the FTX bankruptcy estate counsel, should have distributed the value of the tokens in their possession at the current price rather than the proposed repayment plan, which would value them at the price they were trading at the time of FTX’s bankruptcy filing.
SOL was trading at roughly $24 when FTX filed for Chapter 11 bankruptcy in November 2022, and it has since surged by more than 600%.
