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Figure Markets CEO confirms FTX’s auction of remaining locked Solana (SOL)

Figure Markets CEO Mike Cagney confirms FTX's locked Solana auction

  • FTX to auction the remaining locked Solana (SOL) tokens.
  • The last SOL token sale by FTX attracted significant buyer interest.
  • Figure Markets confirms it will participate in the auction.

The embattled FTX cryptocurrency exchange is set to auction the remaining locked Solana (SOL) tokens from its estate. The decision follows the success of the previous sale, which generated significant interest from buyers.

The upcoming auction has been confirmed by Mike Cagney, the CEO of Figure Markets and board chair of Figure, who disclosed that the decentralized exchange will take part in the auction.

Figure Markets introduces SPV investment opportunity

To facilitate Figure Markets’ participation in the upcoming SOL auctions from the FTX estate, Figure Markets has unveiled a Special Purpose Vehicle (SPV) open to non-US investors (subject to KYC) and accredited US investors.

The SPV will operate based on community consensus, where each dollar invested equals one vote in determining bid prices and subsequent management decisions.

Investors interested in participating in the SPV can do so using USD, USDC, BTC, or ETH. Figure Markets will charge a 50 bps annual management fee to cover the costs of setting up the SPV and ongoing management. Additionally, while there’s no confirmed timeline yet, Figure Markets intends to integrate the SPV into their exchange, allowing investors to use their investment as collateral for borrowing and margining.

By offering this investment opportunity, Figure Markets aims to provide investors with a streamlined way to participate in the auction of locked Solana tokens from the FTX estate. With the SPV structure, investors can have a say in bid prices and subsequent management decisions, creating a community-driven approach to investment in the cryptocurrency space.

FTX’s previous Solana (SOL) token sale

The success of FTX’s previous SOL token sale to industry giants like Pantera and Galaxy Digital cannot be understated.

With approximately $2.6 billion generated from selling two-thirds of its locked Solana tokens at around $60 per token, the FTX estate made significant gains from the sale.

For the investors, considering Solana’s current price hovering around $153, the decision to buy in previous Solana sales appears to have been a prudent one.

However, the volatile nature of cryptocurrencies calls for careful…

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