Crypto investors have been spooked by an upcoming FTX token sale, which will see some $1.5 billion worth of Solana-affiliated tokens sold. However, the proposed plan for the sale of FTX’s assets makes a major dump seem unlikely.
Others have instead urged calm, as the bankruptcy plan actually restricts how much can be sold off at onceof FTX’s assets imposes a series of conditions on the sale of tokens.
On Aug. 24, FTX proposed to appoint Mike Novogratz’s Galaxy Digital Capital Management as the investment manager that would oversee the sales of its recovered crypto holdings. In this plan, the FTX estate would only be permitted to sell a maximum of $100 million worth of its tokens each week, however, that limit could be raised to $200 million on an individual token basis.
These limits have been introduced in a bid to minimize the impact of token sales on the broader market while still allowing for FTX to make creditors whole.And we're worried about ~$600M that will be sold over the course of the next 5 years?Notably, the plan has not yet been signed off on by the courts, however, the plan and a number of other matters related to the FTX token sales are expected to come before the Delaware Bankruptcy Court on Sept. 13.
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