Potential Profits of Over $3 Billion for FTX Debtors Amidst Soaring SOL Prices

Potential Profits of Over $3 Billion for FTX Debtors Amidst Soaring SOL Prices

Potential Profits of Over $3 Billion for FTX Debtors Amidst Soaring SOL Prices

The native token of the public blockchain Solana, SOL, has surged by approximately 30% this week, even surpassing $98 on Friday (22nd), briefly overtaking BNB to become the fourth largest cryptocurrency by market capitalization. The surge of SOL may be good news for the restructuring team of FTX, as the on-chain data analysis platform Spot On Chain indicates that FTX and its sister company Alameda Research remain the major holders of SOL.

In order to analyze whether this bankrupt exchange will continue to sell off in the recent uptrend, thereby affecting the market situation, Spot On Chain has studied the holdings and token ownership of SOL in FTX-related addresses.

During the bankruptcy last year, FTX and Alameda were estimated to hold 55.8 million SOL (worth $1.16 billion at the time), but only 27% has been unlocked (15.3 million SOL), of which 13.22 million SOL (worth $666 million) may have been sold (transferred to exchanges), indicating that FTX may still have 2.08 million SOL (approximately $206 million) available for immediate trading.

The remaining 73% (40.5 million SOL, valued at $3.99 billion) of the total amount of SOL held by FTX is still locked and will be linearly unlocked according to the attribution plan: approximately 609,000 SOL (worth $60 million) will be unlocked monthly, accounting for about 1% of the total amount held by FTX.

7.5 million SOL will be completely unlocked on March 1, 2025, accounting for 13.5% of the total amount held by FTX.

61,800 SOL will be completely unlocked on May 17, 2025.

According to the attribution schedule, it is unlikely that the selling off of SOL by FTX and Alameda in the short term will have a significant impact on the market. Spot On Chain states that since FTX went bankrupt on November 11, 2022, the price of SOL has risen by 550%, from $17.66 to $98, which means the potential profit for FTX debtors exceeds $3 billion.

Related reports: “FTX debtors and Bahamas subsidiary announce settlement! Will jointly advance and coordinate debt claims” and “Will Solana face $1.1 billion sell-off from FTX? Maybe not that serious”.