The FTX bankruptcy estate is selling 41 million locked solana (SOL) tokens for $7.5 billion, according to a report from The Block citing multiple sources with knowledge of the matter. 

These token sales are being facilitated by Galaxy Asset Management, an affiliate of Galaxy Digital Holdings, with one of its other affiliates – Galaxy Trading – also reportedly making a bid for the estate’s locked SOL holdings. 

On Wednesday, Canadian crypto infrastructure firm Neptune Digital publicly announced that they had completed a strategic acquisition of 26,964 SOL at a price of $64 per token, representing a 67% discount to its market value at the time. Neptune said that 20% of these tokens will be released in March 2025, with the rest on a linear release schedule until January 2028. 

One of FTX’s creditors, Sunil Kavuri, said FTX had sold some of their $10 billion SOL tokens at a 70% discount, according to InnerCityPress, while addressing the court during FTX former CEO Sam Bankman-Fried’s sentencing hearing on Thursday.

Kavuri is one of at least 50 individual FTX creditors who have shared their grievances over the fallout from FTX’s collapse and the bankruptcy estate’s handling of proposed repayments. 

In emailed victim impact statements to the U.S. Department of Justice (DOJ), several creditors argued that Sullivan and Cromwell, the FTX bankruptcy estate counsel, should have distributed the value of the tokens in their possession at the price that they are currently at, instead of the proposed repayment plan, which would value them at the price they were trading at the time of FTX’s bankruptcy filing.

Around the time that FTX first filed for Chapter 11 bankruptcy in November 2022, the price of SOL was around $24 and has since rallied over 600%.