SOL Down 4% As FTX Bankruptcy Estate Concludes Solana Token Sale

FTX's bankruptcy estate has completed the sale of $2.6 billion worth of Solana (SOL) tokens at significant discounts. Figure Markets and Pantera Capital were among the latest buyers, acquiring a block of 800,000 tokens for approximately $80 million, equating to about $102 per token. Solana (SOL) is down 3.3% on the day. Pantera Capital also participated in the auction, although the specific price paid remains undisclosed. Both the FTX estate and the involved firms did not immediately comment on the transactions.

The liquidation of Solana (SOL) tokens has been a contentious issue in the FTX bankruptcy proceedings. While FTX creditors will receive full repayment plus interest, they will not regain their crypto assets, potentially missing out on future market gains. Earlier in May, FTX announced that the estate would have up to $16.3 billion to distribute, while it owes approximately $11 billion to over two million customers and other creditors. Pantera Capital aimed to raise $250 million to purchase Solana tokens from FTX in March, winning a batch of discounted tokens in April.

Due to the token sale campaign, Solana (SOL) is down 4.54% at $168.14 with the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) showing impending bearish trend coming up.