Solana is set to release 11.2 million SOL tokens today, valued at approximately $1.57 billion. This unlock is part of the ongoing bankruptcy process for the defunct FTX exchange.
Mounting legal expenses have made the FTX bankruptcy one of the most costly Chapter 11 cases in US history.
A Massive Solana Token Unlock for FTX Bankruptcy Estate
On-chain data reveals that the unlocked SOL represents about 2.2% of Solana’s circulating supply, which currently stands at 488 million tokens.
The FTX estate has two additional smaller SOL unlocks scheduled:
- April 1: 12,700 SOL
- May 1: 73,700 SOL
These tokens were part of FTX’s holdings, previously sold at discounted rates to investors in auctions.
👉 How Solana’s Unlock Could Impact Market Prices
Sunil Kavuri, a leading creditor advocate, disclosed that FTX liquidated 41 million locked SOL across three auctions. Buyers included major crypto investment firms:
- Galaxy Digital: Purchased 25.5 million SOL at $64 per token
- Pantera Capital: Acquired SOL at ~$95 per token
- Figure: Bought SOL at $102 per token
Arthur Cheong, founder of DeFiance Capital, confirmed his participation in Galaxy’s OTC sale, acquiring SOL at $64. He stated:
"Not selling a single one of them. I think [SOL] will be substantially higher in 3 months."
Market Concerns and Price Impact
The release of SOL tokens raises concerns about potential selling pressure, which could increase supply and drive prices down.
- Solana’s price recently dipped to a four-month low of $136.
- As of press time, SOL has rebounded to ~$140.
FTX’s bankruptcy proceedings have entered a critical phase, with initial creditor distributions underway. Legal expenses for the case are nearing $1 billion, making it one of the most expensive Chapter 11 filings in US history.
👉 Why Solana Remains a Strong Investment Despite Market Volatility
FAQs
Q: How much SOL is being unlocked today?
A: 11.2 million SOL (~$1.57 billion).
Q: Who bought FTX’s discounted SOL tokens?
A: Galaxy Digital, Pantera Capital, Figure, and other investment firms.
Q: Could this unlock cause SOL’s price to drop?
A: While possible, major buyers like Arthur Cheong plan to hold long-term, potentially mitigating sell pressure.
Q: What’s next in FTX’s bankruptcy process?
A: Creditor repayments have begun, but legal fees continue to climb.
Disclaimer: This content is for informational purposes only. Verify details independently before making financial decisions.
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