The now-bankrupt FTX exchange, its sister company Alameda, and venture capital firm Andreessen Horowitz (a16z) have reclaimed over 11.5 million SOL tokens worth about $255 million amid the bankruptcy proceedings. The crypto assets held by FTX totaled $3.4 billion, with SOL holdings topping the pile at $1.16 billion. Galaxy Finance is managing the crypto holdings, and they are likely to sell the SOL and other assets at a higher price. US Bankruptcy Judge John Dorsey approved FTX’s request to sell up to $50 million worth of assets every week, and also allowed FTX to enter into hedging and staking agreements to minimize volatility risks and earn passive income.
Investor interest in Solana remains strong. According to the weekly CoinShares report, the Network saw a weekly inflow of $5.1 million in late September, while the outflow from Ethereum stood at $1.5 million. The top five protocols on Solana have gained double digits in total value locked (TVL) in the previous month. Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE) holds more Solana than any other asset, and the Solana token price rose 3% on Oct 6, reaching $23.5 in the European session and bringing its 10-day gains to 25%.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Andreessen Horowitz, Galaxy Finance, John Dorsey, Michael Novogratz |
| Companies | Andreessen Horowitz (a16z), Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE), Galaxy Finance, FTX, Alameda |
| Currencies | Solana, Cardano, Ethereum, Bitcoin, Polygon |
| Securities | None |
