On February 17, the FTX Estate announced the date for its next institutional investor auction, where 11.2 million SOL tokens—currently valued at $2.06 billion—will be sold.
The auction, set for March 1, 2025, will see 2.29% of Solana’s total supply sold to major investment funds. These institutions will have the opportunity to acquire tokens below market price while helping FTX liquidators increase repayment funds for creditors.
A win-win deal?
According to Coincu, FTX Estate has previously sold 41 million SOL across three similar auctions. The largest buyer was Galaxy Digital, which acquired 25.52 million SOL at $64 per token, totaling $1.63 billion.
Pantera Capital and other investors purchased 13.67 million SOL at $95 per token, while Figure Markets and additional bidders secured 1.8 million SOL at $102 per token.
Funds raised in the auction will go toward creditor repayments, with retail investors expected to start receiving payments on February 18 via Kraken and BitGo, with processing times of 1 to 3 business days. Priority will be given to Convenience Class claims up to $50,000.
FTX has allocated approximately $13 billion for repayments, though half of this amount will be held for disputed claims. Before receiving any distributions, creditors must complete KYC verification and submit required tax documentation.
As we wrote, FTX liquidators appear ready to begin compensating creditors of the crypto exchange, which collapsed in 2022. According to an email sent to former FTX clients, repayments for lost assets will start on February 18, 2025.
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