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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 determination 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. However, this latest staking signifies the FTX property’s optimism about Solana’s long-term potential.

FTX Estate Reveals $7 Billion Assets

After this revelation, the SOL token has skilled a slight uptick, and It is currently trading 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.

Additionally, in a court document from September 11, 2023, the FTX property divulged that they’ve retrieved belongings nearing $7 billion. This hefty sum consists of greater than $1 billion in staked SOL tokens. Moreover, the property possesses round $560 million in Bitcoin (BTC). Beyond the crypto realm, the property has a $200 million stake in Bahamian actual property. They additionally 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 May Stabilize Solana Network

The FTX property’s dedication to staking SOL would possibly form the way forward for the Solana community. As the unlocking of SOL tokens is about to proceed, all eyes might be on the property’s subsequent steps. Their selections might pivot the cryptocurrency market dynamics. Besides, Sam Bankman-Fried, former CEO of the now-defunct alternate, is embroiled in legal wrangles over fraud allegations. Hence, this staking transfer by the FTX property would possibly stabilize the Solana group.

Read Also: SOL Price Shoots Over 4% As Solana Foundation Offers $400,000 Bounty

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Maxwell is a crypto-economic analyst and Blockchain fanatic, obsessed with serving to folks perceive the potential of decentralized expertise. I write extensively on subjects akin to blockchain, cryptocurrency, tokens, and extra for a lot of publications. My objective is to unfold information about this revolutionary expertise and its implications for financial freedom and social good.

The introduced content material could embody 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.