FTX Sells $1.9 Bln Worth of Locked up Solana for $64 Per Coin

The FTX estate recently sold approximately $1.9 billion worth of locked-up SOL tokens for $64 each. The sale involved up to 30 million SOL tokens that were discounted due to being locked up and will not be sellable for a while. The sale was initiated to clear the debts of the collapsed crypto exchange, FTX. This transaction led Solana ( SOL ) to slide to $177 per coin almost reaching the support at $173 pivot.

There was a delay in the sale due to significant buyer interest, and Galaxy Trading, a subsidiary of Galaxy Digital, set up a $620 million fund to purchase FTX's discounted SOL. The FTX estate holds a total of 41 million locked-up SOL tokens valued at around $7.5 billion.

Solana ( SOL ), the blockchain network that supports the SOL token, experienced a dip in price to around $10 following the collapse of FTX but has since rebounded. As of 1 p.m. Eastern Time, the token traded for $177.2 with a nearly 7% decrease in the last 24 hours.

Investors have been interested in FTX's Solana holdings since the exchange's collapse in November 2022. Solana made up the largest percentage of FTX's digital asset holdings, followed by bitcoin, ether, and the Aptos blockchain native token APT.

Neptune Digital previously bought 26,964 SOL at $64 each for $1.73 million, with 20% of the tokens unlocking in March 2025. Pantera also established a $250 million fund in March to purchase the discounted Solana of the FTX estate.

According to CoinGecko Research, Solana ( SOL ) is the most popular blockchain of the year so far, largely due to meme coins. As of now, Solana's market capitalization stands at $76.9 billion, making it the fifth largest cryptocurrency by that metric, according to The Block prices.