- FTX and Alameda unstaked 192,000 SOL worth $45M, continuing systematic redemptions since November 2023.
- Estate still holds 4.18M SOL, worth $977M, while preparing creditor payouts scheduled for September 30.
The bankrupt estate of FTX and Alameda has withdrawn another portion of its Solana holdings from staking. Blockchain data reviewed by EmberCN shows 192,000 SOL, worth about $44.9 million, was redeemed on Thursday.
The move is consistent with the estate’s ongoing monthly redemptions, part of a broader strategy to manage remaining assets. EmberCN noted that “FTX and Alameda’s staking address has redeemed and transferred a total of 8.98 million SOL since November 2023.” That total, valued at approximately $1.2 billion, was redeemed at an average price of $134 per token.
Even though these withdrawals did happen, the estate still constitutes an enormous Solana position. According to Solscan data, some 4.18 million SOL, with an approximate valuation of $977 million, is still staked.
Such a scale of redemptions attests to the estate being one of the very large holders of Solana. The resumption of large transactions through the estate has ever since been the subject of creditors’ and market operators’ scrutiny.
Solana Market Reaction
Solana prices ruptured through resistance in and amidst redemptions. At press time, the token traded at $237, up by 6% daily and 14% in the past week. A steady upward trend indicates that the broader market demand is soaking up the released tokens.
The redemptions from the estate have been following a pattern, prying into general market strengths. While bigger sell pressures were expected, the recent price feeds will have an observer arrive at the conclusion that, even with ongoing withdrawals, Solana has been gathering some traction.
Creditor Repayments and Estate Progress
FTX is preparing to issue its third round of creditor repayments on September 30. The payout size has not been disclosed. Through two distributions since then, the estate has managed to return approximately $6.2 billion to customers, including $1.2 billion in February and $5 billion in May.
Repayments are being done through partners such as BitGo, Kraken, and Payoneer. In China, one creditor group representing around 300 users has objected against FTX’s proposal to restrict payouts in 49 jurisdictions, including China, calling the plan, among other things, “legally unfounded and unfair.”
The exchange fell in November 2022, post-liquefaction crisis, and was later declared bankrupt. Founder Sam Bankman-Fried was sentenced to 25 years for defrauding more than $11 billion in 2023. He is still in custody, and according to federal records, the estimated date for his release is December 14, 2044, with credits for good behavior.
