The FTX estate's sales of locked solana have seen strong demand, according to multiple sources, with multiple funds vying for the tokens.
The FTX estate’s sale of 41 million locked solana worth $7.5 billion has seen heavy demand, according to nine sources close to the discussions.
Neptune Digital was the first firm to publicly state it has made an acquisition of locked solana from the FTX estate. It said it bought 26,964 SOL at $64 per token. Out of the tokens, 20% will be unlocked in March 2025 and the rest will unlock monthly until 2028.Galaxy Trading is one of the funds raising money from investors to bid for a portion of the locked solana from the estate. Investors are able to participate at $64 per token, according to three sources.
Two sources said that after their allocations were agreed with Galaxy Trading, they were cut down by 13% when the deals closed. This was due to the FTX estate having a final say on distributions, according to one source familiar with the situation. One source said the demand was heavy because investors realized they were underexposed to the token as its price rose rapidly during the process.As of earlier this month, Pantera was raising money from investors to create a fund to purchase up to $250 million worth of locked solana from the estate, according to Bloomberg. Pantera reportedly plans to take a 0.75% management fee and a 10% performance fee.
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