Have you heard? The FTX estate is staking 5.5M SOL, according to recent cryptocurrency whispers. This move has sparked a fascinating discourse among crypto enthusiasts, as the FTX estate holds a significant 16% of Solana’s market capitalization.
A Glimpse into the Solana Stake
An account, referred to as ‘X’ in the crypto circles, brought this intriguing development to light. The account, known for its meticulous crypto research, shared that the FTX estate is staking 5.5 million SOL. This revelation came with a reference to a Whale Alert post showing a hefty SOL transaction of 5,546,217 SOL, amounting to an impressive $121,255,031, between two unidentified wallets.
The Crypto Community’s Response
As expected, this information stirred up the crypto community. Numerous users embarked on a quest to understand the motive behind FTX estate’s latest action. One user, ‘rpc mert’, pointed to a past statement by Caroline Ellison, a close associate of SBF. Ellison had previously mentioned that FTX had SOL tokens locked on the project’s network. This comment was made during an ‘all-hands’ meeting from the SBF trial on November 9, 2022. She alluded to the fact that FTX had limited communication with Solana and that their attempts to sell were rebuffed.
FTX Estate’s Significant Solana Stake
FTX estate’s recent staking transaction is the second-largest Solana Stake Flow since April, as revealed by a screenshot shared by ‘X’. The largest transaction during this period was a withdrawal of 7,787,430 SOL tokens from the staking pool on July 25, 2023. However, the FTX estate’s latest move is the largest deposit seen in the staking pool since April.
As the entity in charge of managing the bankruptcy and restructuring of the once-active cryptocurrency exchange, FTX estate’s decisions are always under scrutiny. As of last September, they revealed that they held $1.16 billion in Solana (SOL), which is about 16% of Solana’s market cap, and $560 million in Bitcoin (BTC).
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Note: This article is meant for informational and educational purposes only. It does not serve as financial advice. It’s always prudent to exercise caution when dealing with cryptocurrencies and related investments.
