Following the previous sale of locked Solana tokens worth $1.9 billion to companies such as Galaxy Digital and Pantera, the second batch of “locked Solana tokens” will soon be available for sale. Mike Cagney, CEO of Figure, revealed that the next sale will be conducted through an auction, although further details have not been disclosed.
These locked Solana tokens accounted for the largest proportion of digital assets held by FTX during its bankruptcy. However, the future potential of the Solana ecosystem still attracts many buyers willing to purchase these SOL tokens at a discounted price, despite the requirement to lock them for several years.
According to a previous report by Zombit, in the previous round of sales, FTX sold 25 to 30 million locked SOL tokens at a price of $64 per token, representing two-thirds of their total holdings and raising as much as $1.9 billion in funds for FTX.
It is worth mentioning that Figure Markets plans to create a Special Purpose Vehicle (SPV) for non-U.S. investors and eligible U.S. investors to participate in this auction. The SPV will utilize 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 an annual management fee of 50 basis points for the SPV to offset the costs of establishing and ongoing management and reporting. Interested individuals can visit the website to view SPV-related information and submit an investment intent form.
