The native token SOL of the public chain Solana has surged by about 30% this week, even breaking through $98 on Friday (22nd), surpassing BNB to become the fourth largest cryptocurrency by market value. The surge in SOL may be good news for the FTX restructuring team, as the on-chain data analysis platform Spot On Chain pointed out that FTX and its sister company Alameda Research are still the major holders of SOL.
In order to analyze whether the bankrupt exchange will continue to sell off in the recent uptrend, affecting the market, Spot On Chain studied the holdings and token ownership of SOL related addresses of FTX.
FTX and Alameda estimated to hold 55.8 million SOL (valued at $11.6 billion at that time) when they went bankrupt last year, but only 27% have been unlocked (15.3 million), of which 13.22 million SOL (valued at $666 million) may have been sold (transferred to exchanges), meaning FTX may still have 2.08 million SOL (about $206 million) available for immediate trading.
The remaining 73% (40.5 million SOL, current value of $3.99 billion) of the total SOL held by FTX is still locked and will be linearly unlocked according to the ownership plan:
Approximately 609,000 SOL (worth $60 million) will be unlocked monthly, accounting for about 1% of the total amount held by FTX.
7.5 million SOL will be fully unlocked on March 1, 2025, accounting for 13.5% of the total amount held by FTX.
61,800 SOL will be fully unlocked on May 17, 2025.
According to the ownership schedule, it is unlikely that FTX and Alameda will have a significant impact on the market by selling SOL in the short term. Spot On Chain stated that since FTX went bankrupt on November 11, 2022, the price of SOL has increased by 550%, rising from $17.66 to $98, indicating a potential profit of over $3 billion for FTX debtors.
Related reports: “FTX debtors and Bahamas subsidiary announce settlement! Will jointly advance and coordinate debt claims” “Will Solana face $1.1 billion selling pressure from FTX? Maybe not so serious”