FTX Estate Stakes 5.5 Million SOL Tokens Amid Market Scrutiny
The FTX estate has staked an impressive 5.5 million Solana (SOL) tokens with Figment. This amounts to a notable $122 million, according to on-chain data from SolanaFM. The decision comes as market watchers had been voicing concerns over the potential liquidation of the estate’s vast Solana holdings. Such a move could have dampened the SOL market value. However, this recent staking indicates the FTX estate’s optimism about Solana’s long-term potential.
FTX Estate Reveals $7 Billion Assets
After this revelation, the SOL token has experienced a slight uptick, and It is currently trading at $21.99, marking a 1.84% increase. The market, it seems, views this as a positive commitment from the FTX estate toward the Solana blockchain.
Additionally, in a court document from September 11, 2023, the FTX estate divulged that they have retrieved assets nearing $7 billion. This hefty sum includes more than $1 billion in staked SOL tokens. Moreover, the estate possesses around $560 million in Bitcoin (BTC). Beyond the crypto realm, the estate has a $200 million stake in Bahamian real estate. They also reported about $1.9 billion tied up in illiquid assets. These figures highlight the depth of the FTX estate’s assets and their ongoing endeavors in managing and recovering them.
FTX Staking May Stabilize Solana Network
The FTX estate’s commitment to staking SOL might shape the future of the Solana network. As the unlocking of SOL tokens is set to proceed, all eyes will be on the estate’s next steps. Their decisions could pivot the cryptocurrency market dynamics. Besides, Sam Bankman-Fried, former CEO of the now-defunct exchange, is embroiled in legal wrangles over fraud allegations. Hence, this staking move by the FTX estate might stabilize the Solana community.
Read Also: SOL Price Shoots Over 4% As Solana Foundation Offers $400,000 Bounty
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