MEXCFTX 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
- $7B Virtu Financial Holds $63M XRP as Whales Accelerate Daily Sell-Off
- Breaking: Coinbase Nears $2B Deal to Buy Stablecoin Platform BVNK
- Coinbase CLO Fires Back at Senator Murphy Over ‘Corruption Factory’ Claim
- Crypto Prices Rise: Why Are BTC, ETH, LTC, XRP, SHIB, and ADA Up Today?
- Michael Saylor’s Strategy Eyes S&P 500 Spot Amid Bitcoin-Backed Credit Products Launch
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
