The collapse of FTX left a financial void, but its estate has been actively liquidating assets to repay creditors. One of its major moves was the sale of 41 million locked Solana (SOL) tokens through three separate auctions. While this sale helped recover funds, it also raised concerns about the potential impact on the Solana market—especially with 12 million SOL tokens set to be unlocked in March/April 2025.
Breaking Down the FTX Solana Sale
FTX’s 41 million SOL sale was not conducted all at once but instead split into multiple auctions, likely to minimize price shocks. Given that these tokens were locked, they were sold at a discounted price, ranging between $64 and $95 per token—a bargain compared to Solana’s open market prices at the time.
The key buyers of these auctions included major crypto firms like Galaxy Digital and Pantera Capital, who likely viewed this as a strategic acquisition. Whether they hold, stake, or sell these tokens upon unlocking could determine Solana’s price trajectory.
The 2025 Unlock: Will It Shake the Market?
A significant 12 million SOL tokens are scheduled to be unlocked in March/April 2025, introducing a wave of fresh liquidity into the market. This unlock has two potential consequences:
- Selling Pressure – If auction buyers decide to offload these tokens immediately, it could push down Solana’s price, especially if market sentiment is weak.
- Long-Term Holding & Staking – Institutional buyers may choose to stake their SOL for rewards or hold for long-term appreciation, reducing the risk of a sudden price drop.
Crypto markets often price in future events, meaning some of this unlocking anticipation may already be reflected in today’s SOL price. However, investor sentiment and market conditions at the time of unlocking will ultimately determine the real impact.
FTX’s Liquidation Strategy & Market Stability
The FTX estate’s approach to selling SOL tokens has been strategic, ensuring that maximum creditor repayment is achieved without triggering extreme volatility. By auctioning the tokens instead of flooding the market, FTX aimed to stabilize asset prices while recovering funds for those impacted by its collapse.
Despite these efforts, March/April 2025 remains a key event for Solana traders and investors. The unlocking event could lead to short-term fluctuations, but if Solana’s network continues to grow, staking remains attractive, and investors stay confident, the long-term impact may be minimal.