FTX receives court approval to liquidate its cryptocurrency

FTX has officially received a court approval to liquidate $3.4 billion in crypto assets

Their Crypto assets include the following:

• Solana

• Bitcoin

• Ethereum

• WBTC

• WETH

• USDT

• XRP

• STG

• APT

• BIT

Details include the following: – FTX estate can sell up to $100M USD worth of tokens per week and that can be increased up to $200M/week.

Selling tokens (on the open market) must respect any associated vesting/unlock schedule —> FTX can still do an OTC deal but the buyer must then abide by the relevant schedule.

For example the majority of FTX sol holdings won’t be available to sell on the open market until 2025.

I believe this is likely already priced into the market and this selling restriction should limit the amount of selling pressure.

Solana is the biggest holding at $1,160,000,000.

https://twitter.com/DeItaone/status/1702012902918496548?t=zQrq4mw2GO2Xa8ykL61weQ&s=19