Solana's Soaring Rally Boosts FTX's Holdings to $4.2B, Igniting Claims Market
TL;DR Summary
The rally in the price of Solana (SOL) has caused FTX's holdings to surge to $4.2 billion, igniting the market for FTX bankruptcy claims. FTX, which previously faced bankruptcy, holds a significant amount of SOL tokens, with the majority locked up and not immediately tradable. The increased value of FTX's crypto holdings has led to a surge in demand for claims, with distressed firms scrambling to buy them at 60-70 cents on the dollar. The price increase is driven by Solana's performance and anticipation of an amended plan to be filed by December 16.
- Solana Rally Sees FTX's Holdings Grow to $4.2B, Setting Claims Market on Fire CoinDesk
- FTX's revised reorganization plan values crypto claims at time of bankruptcy The Block - Crypto News
- FTX debtors assess value of crypto claims based on petition date market prices Cointelegraph
- Bankman-Fried's crypto portfolio would be up billions this year — thanks to Solana Blockworks
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