Bankrupt FTX sells Solana tokens at a discount as part of liquidation process

• FTX Real Estate to sell $2.6 billion worth of Solana tokens at a discount
• Solana’s market indicators show mixed signals. RSI indicates stability at 53.56 and KST indicates possible oversoldness.
• FTX’s liquidation includes $255 million in real estate, specifically a Nassau penthouse and 15 Albany properties valued at $140 million.

Bloomberg Crypto reported that bankrupt cryptocurrency exchange FTX has decided to sell $2.6 billion worth of Solana tokens at a discount. Among the buyers were Figure Markets and Pantera. Figure Markets purchased 784,000 SOL tokens for $80 million, averaging $102 per token.

This transaction took place in a volatile market, with Solana currently priced at $165.73. Solana’s 24-hour trading volume is $5,796,391,450, reflecting a 4.91% decline. Solana’s current market capitalization is $74,463,869,286, with a circulating supply of 449,294,866 SOL coins.

Solana’s technical indicators subsequently suggest mixed market sentiment. The relative strength index (RSI) on the daily chart is 53.56. This means that Solana is neither overbought nor oversold. Therefore, a merger or sideways movement is expected soon.

Source: TradingView

Conversely, the Know Sure Thing (KST) indicator is marked at 166.6197. This suggests that Solana is currently oversold and potentially represents a buying opportunity. However, traders should consider other technical indicators and broader market conditions before making a decision.

In addition to the token sale, FTX’s liquidation process also includes the sale of its significant real estate portfolio. This includes a luxurious penthouse atop the Orchid Building in Nassau, Bahamas. Formerly the headquarters of FTX co-founder Sam Bankman-Fried, the building symbolizes FTX’s rapid rise and subsequent decline.

Real estate experts believe FTX may be overpaying for Bahamian real estate, potentially creating a bubble market. Nassau developer Jason Kinsale and real estate appraiser Robin Brownrigg expect they will have a hard time recouping that investment.

For example, a similar apartment in the Orchid building was recently listed for $29 million, suggesting a potential loss after taxes and fees. The full liquidation includes $255 million worth of real estate, including 52 apartments and luxury development sites such as Albany.

And in Albany, an upscale neighborhood popular with celebrities like Tiger Woods and Justin Timberlake, FTX has invested $140 million in 15 apartments and villas. The Orchid Penthouse remains the centerpiece of this investment.