The native token of the public blockchain Solana, SOL, surged by about 30% this week, even breaking $98 on Friday (22nd), surpassing BNB and becoming the fourth-largest cryptocurrency by market capitalization. This surge in SOL may be good news for the restructuring team at FTX. Spot On Chain, an on-chain data analysis platform, pointed out that FTX and its sister company Alameda Research are still the main holders of SOL.
To analyze whether this bankrupt exchange will continue to sell off in the recent uptrend, potentially affecting the market, Spot On Chain studied the SOL holdings and token ownership of FTX-related addresses.
FTX and Alameda were estimated to hold 55.8 million SOL (worth $1.16 billion at the time) when they went bankrupt last year, but only 27% (15.3 million SOL) has been unlocked, and 13.22 million SOL (worth $666 million) may have been sold (transferred to exchanges). This means that FTX may still have 2.08 million SOL (about $206 million) available for immediate trading.
The remaining 73% of FTX’s total SOL holdings (40.5 million SOL, valued at $3.99 billion) are still locked and will be linearly unlocked according to the attribution plan: approximately 609,000 SOL (worth $6 million) will be unlocked each month, accounting for about 1% of FTX’s total holdings.
7.5 million SOL will be fully unlocked on March 1, 2025, accounting for 13.5% of FTX’s total holdings.
61,800 SOL will be fully unlocked on May 17, 2025.
According to the attribution schedule, it is unlikely that FTX and Alameda will sell off SOL in the short term, which would have a significant impact on the market. Spot On Chain states that since FTX’s bankruptcy on November 11, 2022, the price of SOL has increased by 550%, from $17.66 to $98. This means that potential profits for FTX debtors exceed $3 billion.
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