2024

Solana

Galaxy

Moon

<h4><strong>The sale occurred at $64 per $SOL token, involving major crypto VCs, Pantera Capital and Galaxy Digital. This was a strategic move. </strong></h4> 
<p>Under the <a href="https://www.bloomberg.com/news/articles/2024-04-05/ftx-s-solana-sale-galaxy-pantera-buy-tokens-at-64-sol" target="_blank" rel="noopener">agreement</a>, the bought $SOL tokens will be locked for four years, barring any sale or trade until then.</p> 
<h5><strong>Four-Year Lock-Up for Purchased $SOL Tokens</strong></h5> 
<p>This transaction marks a notable moment for the FTX Estate as it navigates through complex financial and operational restructuring. Choosing leading crypto VCs Pantera Capital and Galaxy Digital highlights the sale’s strategic value. It boosts FTX Estate’s liquidity and shows faith in $SOL’s and Solana’s long-term value.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING</p> 
 <p>The bankruptcy estate of FTX has sold locked <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> tokens, for approximately $1.6 billion at a rate of $64 per token. </p> 
 <p>This sale involved key firms such as Galaxy Trading and Pantera Capital. <a href="https://t.co/xmOnBkyV6q">pic.twitter.com/xmOnBkyV6q</a></p> 
 <p>— Elja (@Eljaboom) <a href="https://twitter.com/Eljaboom/status/1776240411226349704?ref_src=twsrc%5Etfw">April 5, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The lock-up period of four years is particularly significant. It indicates a long-term investment approach by Pantera Capital and Galaxy Digital. This suggests their belief in the enduring potential of <a href="https://www.altcoinbuzz.io/?s=solana" target="_blank" rel="noopener">Solana</a>. This could stabilize $SOL’s market by holding large amounts without immediate sale, possibly lowering volatility.</p> 
<h5><strong>More About SOL</strong></h5> 
<p>This deal showcases the growing trend of major strategic transactions in the evolving cryptocurrency market. These transactions can redefine financial landscapes and potentially steer overall market trends and sentiment.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">FTX’s bankruptcy administrators have sold locked Solana tokens worth about $1.6bn at $64 per token to firms including Galaxy Trading and Pantera Capital.</p> 
 <p>The deal, stemming from FTX’s bankruptcy in November 2022, is unprecedented in scale and scope in the crypto industry. For… <a href="https://t.co/MHdE9q6xlW">pic.twitter.com/MHdE9q6xlW</a></p> 
 <p>— Moon (@Catherine_ccz) <a href="https://twitter.com/Catherine_ccz/status/1776926411149963709?ref_src=twsrc%5Etfw">April 7, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The strategic lock-up of the tokens for four years carries implications for the supply dynamics of <a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener">$SOL</a>. By reducing tokens in circulation, the deal could tighten supply, possibly stabilizing or boosting the token’s price.</p> 
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<p><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/ftx-sells-1-6b-in-locked-sol-to-top-crypto-vcs/">FTX Sells $1.6B in Locked $SOL to Top Crypto VCs</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

FTX Sells $1.6B in Locked $SOL to Top Crypto VCs

Altcoin Buzz

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