The FTX estate has taken a significant step by staking 5.5 million Solana (SOL) tokens with Figment, a move that underscores their optimism about the future of Solana.
This substantial stake, valued at approximately $122 million, is based on on-chain data from SolanaFM.
Furthermore, the decision to stake these tokens is perceived as a positive signal, particularly amid concerns that had been raised about the potential liquidation of the estate’s substantial Solana holdings. Such liquidation could have adversely affected the SOL market value.
FTX Estate Discloses Assets Worth $7 Billion
In the wake of this development, the SOL token has seen a modest increase in value and is currently trading at $21.99, reflecting a 1.84% gain.
Additionally, a court document dated September 11, 2023, revealed that the FTX estate has successfully recovered assets totaling nearly $7 billion. Consequently, this substantial sum includes over $1 billion in staked SOL tokens and approximately $560 million in Bitcoin (BTC).
Moreover, beyond the realm of cryptocurrencies, the estate also holds a $200 million stake in Bahamian real estate and reports approximately $1.9 billion tied up in illiquid assets. In addition, these figures underscore the depth of the FTX estate’s assets and their ongoing efforts to manage and recover them.
Impact on the Future of Solana
The decision by the FTX estate to stake a substantial amount of SOL tokens is likely to have a significant impact on the future of the Solana network. With the unlocking of SOL tokens on the horizon, the cryptocurrency market will closely monitor the FTX estate’s next moves, recognizing their potential to shape the market dynamics.
Additionally, the legal challenges faced by Sam Bankman-Fried, the former CEO of the now-defunct exchange, over fraud allegations, make this staking move by the FTX estate even more critical. It has the potential to provide stability and confidence to the Solana community.