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FTX to Auction Next Lot of Locked Solana Tokens
Former SoFi CEO, Mike Cagney, recently discussed FTX’s upcoming move to auction the next lot of locked Solana tokens. These tokens were a significant portion of FTX’s digital asset holdings at the time of its downfall. With the recent surge in Solana’s value, this news has piqued the interest of many in the crypto community.
Success of Previous Solana Token Auction
FTX’s previous Solana token auction was a resounding success, with the platform selling $1.9 billion worth of SOL to prominent industry players like Pantera and Galaxy Digital. Approximately two-thirds of FTX’s total SOL holdings were sold during the auction, generating $2.6 billion from tokens priced at $60 each.
Anticipation for Upcoming Sale
While details about the next sale are yet to be disclosed, potential buyers are eagerly awaiting the opportunity to acquire SOL at a discounted rate. Despite its volatile nature, Solana’s current market value of around $150 has spurred interest among investors looking to add the token to their portfolios.
As of now, SOL is trading at $155.25, reflecting a 2.66% increase in value over the past 24 hours. It holds the 5th position in terms of market capitalization and ranks 6th for 24-hour trading volume among the leading cryptocurrencies.
Creation of Special Purpose Vehicle for Investors
To facilitate the upcoming sale, Mike Cagney and the FTX team are establishing a Special Purpose Vehicle tailored for accredited US and non-US investors. This initiative has garnered praise from individuals like Sunil Kavuri, a notable creditor linked to the project.
Given the anticipated shifts in the crypto market landscape, the FTX sale auction presents a promising opportunity for investors seeking to participate in the evolving digital asset space.
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