HomeCryptocurrencyFTX sells 5.5M Solana coins, expanding estate holdings in a groundbreaking move.

FTX sells 5.5M Solana coins, expanding estate holdings in a groundbreaking move.

FTX Estate Stakes 5.5 Million Solana Coins: Bullish on SOL

FTX Estate Shows Confidence in Solana’s Native Token

FTX Estate, a prominent player in the crypto industry, has displayed its bullishness towards Solana’s native token SOL. On October 13, FTX Estate staked over 5.5 million SOL coins, valuing around $122 million. This move signifies FTX Estate’s strong belief in the potential of SOL.

FTX Estate Collaborates with Figment for Staking

To carry out the staking process, FTX Estate entrusted Figment, a well-known staking validator firm catering to institutional investors. An FTX-identified wallet sent the SOL coins to Figment, as confirmed by on-chain data. This collaboration highlights FTX Estate’s strategic approach to optimize its SOL holdings.

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Whale Alert Detects the Transaction

The transaction involving FTX Estate’s staking of SOL coins was swiftly detected by Whale Alert, a blockchain tracker widely recognized for monitoring significant crypto movements. Later, pseudonymous on-chain researcher Ashpool identified the address involved in the transaction as an FTX Estate address. This development further confirms FTX Estate’s involvement in the staking process.

A Small Fraction of FTX’s SOL Holdings

The 5.5 million SOL coins staked by FTX Estate represent only a fraction of their total SOL holdings. FTX Estate holds a substantial amount of SOL, indicating its confidence in the long-term prospects of Solana’s native token. This move not only demonstrates FTX Estate’s commitment to SOL but also adds credibility to the Solana ecosystem.

FTX Estate’s decision to stake such a significant number of SOL coins reflects their optimistic outlook on the future of Solana. By collaborating with Figment, FTX Estate ensures efficient staking and maximizes the potential returns on their SOL holdings. This move also reinforces the overall viability and stability of the Solana blockchain.

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