The estate of the bankrupt crypto exchange FTX has concluded the sale of $2.6 billion worth of deeply discounted Solana (SOL) tokens. Prominent firms Figure Markets and Pantera Capital were among the final buyers in these high-stakes auctions. According to a Bloomberg report, Figure Markets acquired 800,000 Solana tokens for approximately $80 million, paying an average of around $102 per token. This price was significantly lower than the market price of about $166 at the time of purchase. Pantera Capital also participated in the auction, though details about their purchase price remain undisclosed. The sale of FTX’s Solana tokens began in April after receiving court approval. The discounted sale resulted in Solana’s price dropping 4% to approximately $169. 

FTX’s collapse, due to the financial mismanagement of its founder, Sam Bankman-Fried, has been a significant case in the crypto industry. Despite owing over $11 billion to its customers and creditors, FTX has a surplus cash reserve of $16.3 billion, positioning itself to repay its creditors fully, including interest. Although the discount from the token sale led to a drop in SOL price, it did not trigger a broader sell-off, with Solana currently trading at $167.8, reflecting a 0.6% loss in the last 24 hours. FTX’s path to financial recovery has been complex, involving strategic maneuvers and legal challenges.