Sources familiar with the matter stated that the bankruptcy estate of the defunct crypto exchange FTX could be auctioning off a large part of its Solana holdings this week. This could potentially introduce some selling pressure on the Solana price which has recently resumed its upward trajectory.
FTX To Conduct A ‘Blind Auction’ for Solana
According to sources familiar with the process, a “blind auction” is scheduled for the next batch of Solana, with a Wednesday deadline and results to be announced on Thursday. FTX revealed in a recent monthly operating report that it sold approximately $307.6 million worth of SOL and ZBC tokens in March. It has yet to disclose the numbers for the month of April. However, a spokesperson for the estate declined to comment on the matter.
These sales are part of the aftermath of the unraveling of Sam Bankman-Fried’s FTX in November 2022. For buyers, these auctions present an opportunity to potentially profit from the volatile token, which has experienced significant price fluctuations over the past two years.
Likely bidders include Figure Markets, Pantera Capital, and Abra. Figure Markets stated on its website that it is raising funds through a special-purpose vehicle to participate in the auction, while Abra Chief Executive Bill Barhydt confirmed in an interview that the trading platform will also submit a bid.
Pantera Capital, which secured a portion of the previous sale, plans to take part in the upcoming auction, according to sources familiar with the matter. The firm is considering whether to bid independently or through a special purpose vehicle (SPV).
SOL Price Action Ahead
So far, bankrupt crypto exchange FTX has already offloaded nearly 2-3rd of its $2.6 billion hoard of Solana tokens at every highly discounted deal of just $60 per SOL. During this time, the Solana price was trading for $172.
After some retracement in early April, the Solana price is back on the upward trajectory and currently trading 12% up over the last week at $160. Analysts predict that by the end of April, the SOL price will surge all the way to $200.
The post Can FTX’s Solana Auction This Week Put Breaks to SOL Price Surge? appeared first on CoinGape.
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