FTX will start the second round of SOL auction! Retail investors also have the opportunity to participate

This site (120bTC.coM): Since its collapse in November 2022, the restructuring team of bankrupt cryptocurrency exchange FTX is actively raising funds to repay creditors, part of which is Sell ​​your FTX crypto assets in exchange for cash.

Many companies have previously purchased “locked SOL tokens” from FTX through direct purchases or financing. According to Figure CEO Mike Cagney, the next “locked SOL token” sale will be An auction system will be adopted, and the specific details have not yet been announced.

Retail investors have the opportunity to participate

In addition, Mike Cagney also said that Figure Markets plans to create a special purpose vehicle (SPV) to participate in FTX’s upcoming SOL auction. For ordinary investors, this may be one of the few opportunities to participate in institutional auctions.

However, in the description, Figure Markets stated that it will charge 50 basis points (0.5%) as the SPV management fee. If interested readers can go to Figure Markets to browse relevant information.

The average cost of the first auction is only $64

The FTX bankruptcy reorganization team selected Galaxy Asset Management to assist in the sale of SOL tokens in September 2023, and the registered investment adviser (RIA) is allocating the tokens to potential bidders, some of whom are raising funds to launch larger bids.

Neptune Digital is the first company to publicly announce that it has acquired FTX locked SOL, purchasing 26,964 units at a price of $64 each

Galaxy Trading is raising funds from investors to bid for Investors can also participate in one of the funds that lock SOL at a price of $64 per coin. The fund charges a 1% management fee.

The current price of SOL is US$152. Compared with US$64, the discount is as high as 57.9%. This means that if you purchase SOL for US$64, you can earn more than 237%. However, investors do not need to worry too much about the selling pressure on SOL. The FTX sales mentioned above are all "locked SOL tokens" and will not have much impact on the market in the short term.

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