In a final move concluding weeks of auctions, the bankrupt crypto exchange FTX has completed the sale of $2.6 billion worth of Solana (SOL) tokens at significant discounts. Prominent firms like Figure Markets and Pantera Capital were among the latest buyers in this high-stakes auction.

**Major Purchases**

A Bloomberg report revealed that Figure Markets bought 800,000 Solana tokens for about $80 million, averaging around $102 per token—substantially lower than the market price of $166 at the time. Pantera Capital also participated, though their purchase details remain undisclosed.

The sale of FTX’s Solana tokens, which began in April with court approval, saw Figure Markets paying approximately $80 million for 800,000 tokens, as per two anonymous sources. One source confirmed the average purchase price to be $102 per token. Consequently, the price of Solana dropped by 4% to around $169 as of 2:10 p.m. in New York.

**Impact on Solana’s Market Value**

FTX’s collapse, due to the financial mismanagement of its founder Sam Bankman-Fried, has been a significant event in the crypto industry. Despite owing over $11 billion to its customers and creditors, FTX has disclosed a cash reserve of $16.3 billion, positioning itself to repay its creditors fully.

The discounted token sale caused a noticeable dip in Solana's price but did not trigger a sell-off. Solana is now trading at $167.8, reflecting a 0.6% loss over the last 24 hours.

**FTX’s Path to Financial Recovery**

FTX’s recovery journey has been marked by strategic and legal challenges. After revealing an $8 billion deficit, FTX initiated a plan to repay creditors fully, promising recovery and additional compensation, pending court approval. The plan aims to distribute between $14.5 and $16.3 billion among creditors equitably.

The discovery of surplus cash reserves and proactive asset liquidation efforts have bolstered confidence in FTX’s recovery plan. Despite disputes over repayment calculations based on November 2022 values, FTX's commitment to fulfilling its financial obligations reflects its determination to overcome post-collapse challenges.

As FTX navigates legal and financial complexities, the crypto industry closely monitors its progress, anticipating the resolution of its bankruptcy and its impact on regulatory frameworks for digital assets. The ongoing saga of FTX’s financial recovery underscores the market's volatility and the resilience required to navigate such challenges, marking a pivotal moment in both FTX’s history and the broader crypto landscape.