The FTX property has staked a formidable 5.5 million Solana (SOL) tokens with Figment. This quantities to a notable $122 million, according to on-chain data from SolanaFM. The choice comes as market watchers had been voicing considerations over the potential liquidation of the property’s huge Solana holdings. Such a transfer may have dampened the SOL market worth. However, this current staking signifies the FTX property’s optimism about Solana’s long-term potential.
FTX Estate Reveals $7 Billion Assets
After this revelation, the SOL token has skilled a slight uptick, and It is currently trading at $21.99, marking a 1.84% enhance. The market, it appears, views this as a optimistic dedication from the FTX property towards the Solana blockchain.
Additionally, in a court document from September 11, 2023, the FTX property divulged that they’ve retrieved property nearing $7 billion. This hefty sum contains greater than $1 billion in staked SOL tokens. Moreover, the property possesses round $560 million in Bitcoin (BTC). Beyond the crypto realm, the property has a $200 million stake in Bahamian actual property. They additionally reported about $1.9 billion tied up in illiquid property. These figures spotlight the depth of the FTX property’s property and their ongoing endeavors in managing and recovering them.
FTX Staking May Stabilize Solana Network
The FTX property’s dedication to staking SOL may form the way forward for the Solana community. As the unlocking of SOL tokens is about to proceed, all eyes shall be on the property’s subsequent steps. Their selections may pivot the cryptocurrency market dynamics. Besides, Sam Bankman-Fried, former CEO of the now-defunct trade, is embroiled in legal wrangles over fraud allegations. Hence, this staking transfer by the FTX property may stabilize the Solana group.
Read Also: SOL Price Shoots Over 4% As Solana Foundation Offers $400,000 Bounty
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