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Bankrupt crypto exchange FTX and its affiliate Alameda Research redeemed 192,000 SOL from Solana (SOL) staking positions, representing approximately $45 million. According to blockchain analytics provider EmberCN, this transaction was executed as part of FTX and Alameda’s familiar monthly liquidation schedule during their asset wind-down process.
This move is seen as part of FTX’s strategy to regularly release staked assets during bankruptcy proceedings to repay investors and execute its liquidation plan. The strategy aims to both provide repayments to creditors and convert assets into liquidity.
FTX and Alameda’s SOL Redemptions
EmberCN data shows that since November 2023, FTX and Alameda’s staking addresses have redeemed a total of 8.98 million SOL at an average price of $134, equivalent to approximately $1.2 billion. The most recent redemption of 192,000 SOL is valued at around $45 million at current market prices.
Such regular staking redemptions are considered important indicators for understanding how major exchanges and treasury firms manage liquidity and liquidation processes in the crypto market.
Staking Addresses Still Hold Large Amounts of SOL
According to Solscan, FTX and Alameda’s staking addresses still hold about 4.18 million SOL, currently valued at approximately $977 million. This indicates that FTX’s bankruptcy process is ongoing and a significant portion of staked assets remains locked on-chain.
Solana Price and Market Impact
Data from The Block shows that Solana’s price rose 4.3% in the last 24 hours to $238 marking a total gain of 14.4% over the past week. Staking redemptions by major players like FTX and Alameda often lead to short-term price fluctuations in the market.
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