Galaxy

April

Read

Billion

Shockwaves

<ul> 
 <li>FTX’s strategic move to liquidate $2 billion SOL estate signals market revival.</li> 
 <li>Large investors like Galaxy Trading and Pantera Capital show confidence in Solana.</li> 
 <li>Despite criticism, FTX aims to maximize returns and navigate market shifts effectively.</li> 
</ul> 
<p>FTX Estate has decided to offload a substantial portion of its <a href="https://cryptonewsland.com/upcoming-mega-rally-for-solana-style-crypto-predicted-with-dogecoin-and-dogwifhat-on-the-verge-of-price-boost/">Solana (SOL) </a>holdings, valued at a staggering $2 billion. This unprecedented decision, made at a considerable 63% discount to the prevailing market price, has sent shockwaves through the cryptocurrency realm.</p> 
<p>The sale, orchestrated by FTX Estate, has not only garnered attention from asset managers but has also attracted interest from prominent venture capitalists such as Galaxy Trading and Pantera Capital. This move has generated approximately $1.9 billion for FTX creditors, marking it as one of the most significant transactions in the history of cryptocurrency.</p> 
<p>However, this maneuver goes beyond mere asset liquidation; it represents a strategic financial initiative aimed at maximizing returns for creditors. By selling tokens at a discounted rate, FTX Estate has managed to not only captivate the interest of major investors but also provide a much-needed boost for the overall recovery of the crypto market.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Dear FTX creditors, <br><br>Once you’re finished thanking the lawyers for bleeding the estate one hour at a time<br><br>Please direct your gratitude to Galaxy for selling the locked SOL for almost 75% discount to *checks notes* themselves</p>— Mitchell (@WR_Crypto) <a href="https://twitter.com/WR_Crypto/status/1776242068962132411?ref_src=twsrc%5Etfw">April 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Galaxy Trading, a subsidiary of Mike Novogratz’s Galaxy Digital, has reportedly raised a substantial sum of around $620 million to acquire SOL tokens from FTX Estate. This investment underscores the confidence in Solana’s potential and offers a 1% management fee for investors. Similarly, Pantera Capital has also joined the fray, raising $250 million for the acquisition of SOL tokens, showcasing the widespread interest in FTX Estate’s liquidation process.</p> 
<p>Despite the buzz surrounding the sale within the crypto community, there has been criticism from certain quarters. FTX creditors have voiced concerns over selling at a significant discount, perceiving it as detrimental to their interests. Former FTX CEO, Sam Bankman-Fried, has also drawn attention to the impact of these liquidations on market value during a hearing.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Galaxy sold billions of <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> customers SOL with 67% discount. Just in case, this is 300%+ return for 2years investment, not talking about staking rewards and positive hedging rates.<br>I don't know any other country in the world except US where this sale could be legal. In most of… <a href="https://t.co/EDWIyuo62T">pic.twitter.com/EDWIyuo62T</a></p>— MHE BE3ET (FTX Customer) (@MHE_BE3ET) <a href="https://twitter.com/MHE_BE3ET/status/1776268713353744620?ref_src=twsrc%5Etfw">April 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>This monumental sale, comprising over half of FTX Estate’s Solana assets at a 63% discount, has reverberated throughout the cryptocurrency landscape, significantly impacting Solana’s valuation and investor sentiment. With <a href="https://cryptonewsland.com/solana-set-to-maintain-bullish-momentum-experts-predict-229-surge/">Solana’s price hovering</a> around $180 and exhibiting moderate gains, the aftermath of this massive sell-off may redefine Solana’s financial trajectory in the market.</p> 
<p>The future of SOL FTX Estate in the crypto industry holds promise, with its strategic moves poised to contribute positively to market dynamics and investor confidence. As the industry continues to evolve, FTX’s bold decisions may pave the way for innovation and growth, ensuring a bright future for Solana and its stakeholders.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/real-estate-vs-bitcoin-a-shift-in-investment-strategy/">Real Estate vs Bitcoin: A Shift in Investment Strategy</a></li>
 <li><a href="https://cryptonewsland.com/bitgo-on-galaxy-lawsuit-1-2b-takeover-would-be-financially-unpalatable/">BitGo On Galaxy Lawsuit: $1.2B Takeover Would be ‘Financially Unpalatable’</a></li>
 <li><a href="https://cryptonewsland.com/ripples-real-estate-tokenization-re-evaluating-xrps-value/">Ripple’s Real Estate Tokenization: Re-evaluating XRP’s Value</a></li>
 <li><a href="https://cryptonewsland.com/ripples-tokenization-transformation-navigate-the-new-frontier-of-real-estate/">Ripple’s Tokenization Transformation: Navigate the New Frontier of Real Estate</a></li>
 <li><a href="https://cryptonewsland.com/real-estate-property-sold-for-3-btc-in-portugal/">Real Estate Property Sold for 3 BTC in Portugal</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/crypto-shakeup-ftxs-2-billion-sol-liquidation-sends-shockwaves-through-market/">Crypto Shakeup: FTX’s $2 Billion SOL Liquidation Sends Shockwaves Through Market</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Crypto Shakeup: FTX’s $2 Billion SOL Liquidation Sends Shockwaves Through Market

Crypto News Land

Other articles published on Apr 8, 2024

Bitcoin tops $72k for the first time since March as Bitbot’s presale crosses $2m

DePIN Landscape 2024 and How Swan Fits into the Picture

The 2024 Guide To Becoming a Millionaire Through Altcoin Investments

A Few Days Left Before Bitcoin Halving, Another Country Is Banning Bitcoin Mining!

Dogecoin And Bittensor Post Significant Gains; Bullish Market Sentiment Solidifies NuggetRush For...

Primex Finance Announces Community Rewards Campaign With CoinList

Join our free newsletter for daily crypto updates!