FTX Initiates Second Round of Solana Token Sale, Offering Opportunities for Retail Investors?

FTX Initiates Second Round of Solana Token Sale, Offering Opportunities for Retail Investors?

FTX Initiates Second Round of Solana Token Sale, Offering Opportunities for Retail Investors?

After selling lock-up Solana tokens worth $1.9 billion to companies such as Galaxy Digital and Pantera, the second batch of “lock-up Solana tokens” will soon be put up for sale. Mike Cagney, CEO of Figure, revealed that the next sale will take the form of an auction, but no other specific details have been disclosed.

These lock-up Solana tokens accounted for the largest proportion of FTX’s digital asset holdings when it went bankrupt, but the future potential of the Solana ecosystem still attracts many buyers who are willing to purchase these SOL tokens, which must be locked up for several years, at a discounted price.

According to previous reports by Zombit, in the previous round of sales, FTX sold 25-30 million lock-up SOL tokens (approximately two-thirds of the total holdings) at a price of $64 per token, raising up to $1.9 billion in funds for FTX.

It is worth mentioning that Figure Markets plans to create a Special Purpose Vehicle (SPV) for non-US investors and eligible US investors to participate in this auction. It is reported that the SPV will use community consensus (1 USD = 1 vote) to determine bidding and subsequent management (pledging, liquidation).

For general investors, this is one of the few opportunities to participate in the auction of FTX’s remaining assets. However, Figure Markets stated that they will charge a 50 basis points annual management fee for the SPV to offset the cost of establishing the SPV and ongoing management and reporting. Interested individuals can visit the website for more information on the SPV and fill out the investment intention form.