The FTX bankruptcy estate has staked over 5.5 million Solana (SOL) tokens worth $122 million in a move signaling confidence in the cryptocurrency‘s future.
According to on-chain data, an identified FTX wallet recently sent the coins to staking provider Figment. The staked SOL represents a fraction of FTX’s overall holdings.
As part of the bankruptcy proceedings, FTX receives monthly SOL rewards from its early investments in Solana. The estate can liquidate these tokens anytime.
The decision to stake, earning passive SOL income, rather than sell indicates bullishness on Solana. In September, a court approved selling $1.3 billion in FTX’s SOL, worrying holders.
Staking locks up crypto to help secure a blockchain network in exchange for rewards. With $122 million now staked, the FTX estate seems confident in Solana’s outlook despite ongoing bankruptcy fallout.
The staking follows FTX working to recover assets for creditors after its November collapse. Sam Bankman-Fried faces fraud charges related to the firm’s demise.
