FTX will auction off remaining Solana Tokens (SOL).

The bankrupt cryptocurrency exchange FTX wants to sell its remaining native Solana tokens (SOL) via auction in the coming week.

Bloomberg reportPeople familiar with the situation said that the bankruptcy estate will auction off an amount unspecified of SOL, in hopes of obtaining a better price than they could have received through direct sales.

FTX will Sell SOL via Auction

The blond sale is different from previous fixed price sales conducted by the bankruptcy estate. Most creditors are unhappy with direct sales because it reduces the value and potential recoveries of creditors.

Since FTX has begun selling SOLs via direct sales it’s attracted major crypto firms such as Pantera Capital. Neptune Digital Assets Corp. and Galaxy Trading. Galaxy Trading is a subsidiary of Mike Novogratz Galaxy Digital.

The bankruptcy estate was sold for between 25 and 30 millions last month. locked-up SOL At $64 per token, the buyers could have made up to $1.9 billion. Obwohl the price seemed to be a bargain, the SOL was purchased by the buyers at a discount of 67% from its value. FTX still hasn’t disclosed the SOL token sales figures for April. However, reports from previous months show that the asset had sold approximately $2.6 Billion worth of SOL.

Unidentified sources have revealed that the deadline to bid is on Wednesday, 24 April. Results will be released Thursday.

Figure Markets Shows Interest

A public declaration of interest by a firm in the FTX SOL Blind auctions is a crypto exchange called Figure Markets. Mike Cagney was the co-founder of Figure Markets and its CEO. disclosed It was announced that the company would be creating a Special Purpose Vehicle, or SPV, for its auctions. This vehicle will be open to investors from the US and non-US.

SPV will only accept USDC investments. Community consensus is determined through a 1:1 voting system. Retail investors and FTX creditor can also participate with a $5,000 minimum, compared to the $5,000,000 set by the estate.

Sunil Kavuri is a FTX creditor and activist commended Cagney’s approach to the auction, insisting that Sullivan & Cromwell, the law firm overseeing FTX’s bankruptcy proceedings, was adamant on selling the locked SOL at a heavy discount to their clients, regardless of objections from creditors.