FTX Real Estate’s $7.5 billion locked-up Solana sale is receiving a lot of attention.

FTX Real Estate’s sale of 41 million locked Solana units ( brush

+2.55%
) is valued at $7.5 billion, and there has been huge demand, according to nine sources involved in the discussions.

Galaxy Asset Management was chosen by FTX Assets to facilitate the token sale in September 2023, with the assets determining that they would provide the services in a cost-effective and agnostic manner. Registered investment advisors are allocating tokens to potential bidders, some of whom are raising funds for larger bids.

Neptune Digital is the first company to publicly announce that it has acquired Solana, which is locked in FTX assets. It is said that 26,964 SOL were purchased at $64 per token. 20% of the tokens will be unlocked in March 2025 and the remainder will be unlocked monthly until 2028.

Galaxy Trading bids

Galaxy Trading is one of the funds raising money from investors to bid for Solana’s portion of the property locked up. Investors can participate for $64 per token, according to three sources. The fund will charge a 1% management fee, according to documents seen by The Block.

BitGo will be the custodian of the tokens as specified in the document. The fund will distribute staking rewards based on purchases, but rewards will currently be pegged with the native token.

Two sources said the allocation was agreed with Galaxy Trading and then a 13% cut was taken at the close of the deal. This is because FTX Assets has the final say on the distribution, according to a source familiar with the situation.

Some transactions have now closed, but according to two sources, there are still some tokens left. It hasn’t been confirmed yet, but we expect it to be released late next month.

One source said demand was high because investors realized they lacked exposure to the token as its price soared.

Other funds are also interested

Earlier this month, Panthera was raising money from investors to raise funds to purchase up to $250 million worth of locked-up Solana from real estate, according to Bloomberg. It is reported that Panthera plans to receive a management fee of 0.75% and a performance fee of 10%.

Investment fund Phoenix was aiming to raise money for a similar strategy, according to Bloomberg. The company was seeking an investment of at least $100,000, according to promotional documents seen by The Block. However, two sources said the bid did not go through.

FalconX was also raising money for a large bid for the property, according to three sources.

Galaxy Asset Management is also selling 42 other tokens based on Solana and Ethereum, with a total value of about $211 million, according to one source. This includes $29.4 million in Gate tokens, $23 million in Atlas, $23 million in shadow tokens, and $20 million in unus sed leo, a Bitfinex token.

We’ve reached out to Galaxy, Pantera, Phoenix, FalconX and BitGo for this article and will update when we hear back.

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