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