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 issues 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 Belongings
After this revelation, the SOL token has skilled a slight uptick, and It’s at present buying and selling at $21.99, marking a 1.84% enhance. The market, it appears, views this as a constructive dedication from the FTX property towards the Solana blockchain.
Moreover, in a courtroom doc from September 11, 2023, the FTX property divulged that they’ve retrieved belongings nearing $7 billion. This hefty sum contains 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 belongings. These figures spotlight the depth of the FTX property’s belongings and their ongoing endeavors in managing and recovering them.
FTX Staking Could Stabilize Solana Community
The FTX property’s dedication to staking SOL would possibly form the way forward for the Solana community. Because the unlocking of SOL tokens is about to proceed, all eyes shall be on the property’s subsequent steps. Their selections might pivot the cryptocurrency market dynamics. In addition to, Sam Bankman-Fried, former CEO of the now-defunct trade, is embroiled in authorized wrangles over fraud allegations. Therefore, this staking transfer by the FTX property would possibly stabilize the Solana neighborhood.
Learn Additionally: SOL Worth Shoots Over 4% As Solana Basis Presents $400,000 Bounty
The offered content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.
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