FTX Estate Stakes 5.5 Million SOL Tokens Amid Market Scrutiny

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 might have dampened the SOL market worth. Nevertheless, this latest staking signifies the FTX property’s optimism about Solana’s long-term potential.

FTX Property Reveals $7 Billion Property

After this revelation, the SOL token has skilled a slight uptick, and It’s currently trading at $21.99, marking a 1.84% improve. The market, it appears, views this as a constructive dedication from the FTX property towards the Solana blockchain.

Moreover, in a court document from September 11, 2023, the FTX property divulged that they’ve retrieved property nearing $7 billion. This hefty sum consists of greater than $1 billion in staked SOL tokens. Furthermore, the property possesses round $560 million in Bitcoin (BTC). Past the crypto realm, the property has a $200 million stake in Bahamian actual property. Additionally they 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 Might Stabilize Solana Community

The FTX property’s dedication to staking SOL may form the way forward for the Solana community. Because the unlocking of SOL tokens is about to proceed, all eyes will likely be on the property’s subsequent steps. Their selections might pivot the cryptocurrency market dynamics. Apart from, Sam Bankman-Fried, former CEO of the now-defunct trade, is embroiled in legal wrangles over fraud allegations. Therefore, this staking transfer by the FTX property may stabilize the Solana neighborhood.

Learn Additionally: SOL Price Shoots Over 4% As Solana Foundation Offers $400,000 Bounty

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Maxwell is a crypto-economic analyst and Blockchain fanatic, enthusiastic about serving to folks perceive the potential of decentralized expertise. I write extensively on subjects akin to blockchain, cryptocurrency, tokens, and extra for a lot of publications. My aim is to unfold information about this revolutionary expertise and its implications for financial freedom and social good.

The offered content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.