FTX will auction more locked Solana tokens, says Mike Cagney

Mike Cagney, the former CEO of SoFi, recently talked about FTX’s next move. The CEO revealed that FTX will auction the next lot of locked Solana tokens.

During the time of FTX’s demise, the locked Solana tokens made up the largest percentage of its digital assets holdings. Given the boost Solana has witnessed since then, the news is garnering massive interest from users.

According to the FTX review, the platform’s previous Solana token auction was a huge hit. The platform was able to sell 1.9 billion dollars worth of SOL to industry leaders such as Pantera and Galaxy Digital.

FTX sold around 2/3rd of its overall SOL token hoard. Additionally, the exchange generated $2.6 billion through the transaction, which was priced at $60 per token.

No additional information about the upcoming sale has been released. However, the news has attracted buyers willing to take a risk by purchasing SOL at a discounted price. Now that Solana is hovering around the 150-dollar mark, buyers are ready to purchase the token despite its volatile nature.

The coin is currently trading at 155.25 dollars, with a 2.66% increase in the past 24 hours. SOL is ranked 5th among the top cryptocurrencies when it comes to market capitalization and 6th in terms of 24-hour volume.

Mike Cagney and the other FTX team are creating a Special Purpose Vehicle for accredited US investors and non-US investors to partake in the sale. Names like Sunil Kavuri, an outspoken creditor, have praised the move.

With the crypto market preparing for massive changes, the FTX sale auction will offer buyers ample investment opportunities.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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