As the crypto market buzzes with anticipation, the FTX estate gears up for another significant milestone in its ongoing asset offloading strategy. This week marks the commencement of bidding for the third tranche of locked Solana tokens, following a series of strategic sales and auctions in recent months.

According to insiders familiar with the process, bidding for this latest tranche is scheduled to kick off on May 9, adding another layer of excitement to the already dynamic crypto landscape. While the exact quantity of tokens up for grabs remains undisclosed, market observers are eagerly awaiting the outcome of this latest auction event.

In a meticulously planned divestment strategy, the FTX estate is in the midst of selling approximately 41 million locked Solana tokens. These tokens, slated for release over a four-year period, come with the added allure of staking rewards, further enticing potential bidders to participate in the auction frenzy.

The saga began in March with an initial sale, where tokens exchanged hands at $64 each, attracting bids from prominent players like Galaxy Trading and Pantera, as reported by The Block. This initial sale, accounting for around two-thirds of the estate's Solana holdings, hinted at the scale and magnitude of the impending divestment, with estimates reaching a staggering $1.7 billion.

Building upon this momentum, last month saw the estate conducting another auction, releasing a further 1.8 million Solana tokens, valued at $232 million, into the market. With bids ranging from $85 to $110, and a reported threshold of $95 and above for successful bids, the auction showcased sustained investor interest amidst fluctuating market conditions.

Despite the intricacies of its asset disposal strategy, the FTX estate remains focused on navigating the broader financial landscape, as evidenced by its recent draft Chapter 11 bankruptcy plan release. In a move aimed at addressing creditor concerns, the plan outlines provisions to provide 98% of creditors with at least 118% of allowed claims, underscoring the estate's commitment to financial integrity and transparency.

However, amidst the flurry of activity, both Galaxy Asset Management, entrusted with managing the Solana sales, and the FTX estate itself have maintained silence, declining immediate comment on the developments. As speculation swirls and anticipation builds, all eyes remain firmly fixed on the unfolding auction drama, poised to reshape the future trajectory of the crypto market.