On March 1, 11.2 million Solana (SOL) tokens from the FTX bankruptcy estate will be unlocked, increasing Solana's circulating supply by 2.2%. These tokens will be available for immediate sale, with a value of over $1 billion. The next two unlocks, on April 1 and May 1, are smaller in comparison. These tokens were held by FTX, which is currently undergoing bankruptcy proceedings. Prior to the bankruptcy, FTX had a significant investment in Solana, with its founder Sam Bankman-Fried owning 2.5% of the locked supply. Saturday's unlock will benefit claims buyers, such as Pantera Capital and Galaxy Asset Management, rather than FTX victims. Galaxy has already purchased the rights to Saturday's unlock and its holdings represent a small percentage of the total supply, so they do not anticipate a major market impact.



Other News from Today