FTX receives court approval to liquidate its cryptocurrency
FTX has officially received a court approval to liquidate $3.4 billion in crypto assets
Their Crypto assets include the following:
• Solana
• Bitcoin
• Ethereum
• WBTC
• WETH
• USDT
• XRP
• STG
• APT
• BIT
Details include the following: – FTX estate can sell up to $100M USD worth of tokens per week and that can be increased up to $200M/week.
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Selling tokens (on the open market) must respect any associated vesting/unlock schedule —> FTX can still do an OTC deal but the buyer must then abide by the relevant schedule.
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For example the majority of FTX sol holdings won’t be available to sell on the open market until 2025.
I believe this is likely already priced into the market and this selling restriction should limit the amount of selling pressure.
Solana is the biggest holding at $1,160,000,000.
https://twitter.com/DeItaone/status/1702012902918496548?t=zQrq4mw2GO2Xa8ykL61weQ&s=19
submitted by /u/TR5_
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