Galaxy Trading, Pantera Capital, and Neptune Digital Assets have collectively acquired a significant portion of FTX's stake in SOL, totaling nearly two-thirds of the assets.

According to a Bloomberg report dated April 5, the FTX estate executed a substantial sale of SOL tokens, representing the majority of the bankrupt exchange's holdings, at a discount of 63% from current market prices. This maneuver garnered notable attention from asset managers and venture capitalists, with Galaxy Trading and Pantera Capital among those expressing interest, as reported by individuals familiar with the matter.

The transaction involved the liquidation of approximately 25 million to 30 million locked-up SOL coins at a price of $64 per token, resulting in proceeds of around $1.9 billion for FTX creditors. Notably, FTX had been an early investor in Solana, with its 41 million SOL tokens subject to a four-year vesting schedule, restricting their trade until the specified deadline passes.

As of the time of writing, the SOL token is trading at $176, marking a remarkable 743% gain over the past year, buoyed by the broader recovery of the cryptocurrency markets and the surge in popularity of meme coins.

Galaxy Trading, a division of Mike Novogratz's Galaxy Digital, reportedly raised approximately $620 million for the acquisition of SOL tokens from the FTX estate, with a 1% management fee applicable to investors. The fund also aims to generate returns through staking activities, according to insider sources. Notably, Galaxy Asset Management, another arm of Galaxy Digital, facilitated the sale of FTX's assets.

Pantera Capital also participated in the acquisition, raising $250 million to purchase SOL tokens from the FTX estate, as reported by Bloomberg. Additionally, Neptune Digital Assets, a Canadian blockchain firm, secured 26,964 SOL tokens for $64 each on March 27.

The sale of FTX assets at a significant markdown has sparked criticism from creditors of the exchange. Former FTX CEO Sam Bankman-Fried, sentenced to 25 years in prison for fraud related to the exchange's collapse in November 2022, faced backlash from creditors during sentencing. Criticisms were directed at the exchange's liquidators for allegedly disregarding creditors' property rights, particularly evident in the substantial discounts applied to asset sales.

In response to these concerns, creditors of FTX have initiated a class action lawsuit against Sullivan and Cromwell, alleging the firm's complicity in fraudulent activities preceding its representation of the exchange in bankruptcy proceedings.