FTX estate's auction for third tranche of locked Solana gets underway

The FTX estate is offloading its third tranche of locked Solana this week after an initial large sale and a smaller auction last month. Bidding for the latest tranche of SOL -1.89% is set for May 9, according to a source familiar with the process. It’s currently unclear how many coins are being auctioned in this tranche.

The FTX estate is in the process of selling around 41 million locked Solana. The coins are to be unlocked over a four-year period, and staking rewards will be released per the vesting schedule.

The first sale occurred in March, with tokens sold for $64 each to bidders such as Galaxy Trading and Pantera, The Block previously reported. The size of the overall sale, Bloomberg reported, was around two-thirds of the estate's total Solana holdings — which would suggest a total sale of around $1.7 billion.

Last month, the estate sold a further 1.8 million Solana ($232 million) in an auction, The Block reported, to buyers including Galaxy Trading. Bids for the locked Solana ranged from $85 to $110, three sources said at the time — claiming that bids at $95 and above went through. At the time that the bidding took place, the price of Solana was around $150, roughly the same price as today.

Earlier today, the FTX estate released its draft Chapter 11 bankruptcy plan. The bankrupt exchange intends to give 98% of its creditors at least 118% of allowed claims, the plan stated.

Galaxy Asset Management — which is handling the sales of the locked Solana on behalf of the FTX estate — and the FTX estate did not immediately respond to a request for comment.