The crypto community is closely watching the upcoming unlock of 11.2 million Solana (SOL) tokens from the FTX bankruptcy auction. With a total of 41 million SOL sold to institutional investors such as Galaxy Digital, Pantera Capital, and Figure, this release could impact Solana’s market dynamics. Here’s a detailed breakdown of how the unlock will be distributed among these major buyers and their unrealized profits at the current price of $130 per SOL.
Who Bought the Locked SOL?
During FTX’s bankruptcy proceedings, Solana holdings were auctioned off in different tranches:
- Galaxy Digital: 25.52 million SOL at $64 per token
- Pantera Capital: 13.67 million SOL at $95 per token
- Figure: 1.8 million SOL at $102 per token
- Total Sold: 41 million SOL
These tokens are subject to a four-year vesting schedule, meaning they are gradually unlocked over time. The March 1, 2025 unlock is just one part of this process, releasing 11.2 million SOL.
How Much SOL Will Each Firm Unlock?
The 11.2 million SOL release will be distributed proportionally based on each firm’s total holdings:
- Galaxy Digital (62.2% of total SOL sold) → ~6.96 million SOL
- Pantera Capital (33.3%) → ~3.73 million SOL
- Figure (4.4%) → ~0.49 million SOL
Unrealized Profits at $130 per SOL
If we calculate the unrealized profits based on the current price of $130 per SOL, we get the following:
Galaxy Digital (Bought at $64, Unlocking 6.96M SOL)
- Purchase Price: $64 per SOL
- Current Price: $130 per SOL
- Profit per SOL: $130 - $64 = $66
- Total Unrealized Profit: $66 × 6.96M = $459.36M
Pantera Capital (Bought at $95, Unlocking 3.73M SOL)
- Purchase Price: $95 per SOL
- Current Price: $130 per SOL
- Profit per SOL: $130 - $95 = $35
- Total Unrealized Profit: $35 × 3.73M = $130.55M
Figure (Bought at $102, Unlocking 0.49M SOL)
- Purchase Price: $102 per SOL
- Current Price: $130 per SOL
- Profit per SOL: $130 - $102 = $28
- Total Unrealized Profit: $28 × 0.49M = $13.72M
Total Unrealized Profit from the March 1 Unlock
Adding up all three firms’ profits:
- Galaxy Digital: $459.36M
- Pantera Capital: $130.55M
- Figure: $13.72M
- Total: $603.63M
This means that if the firms were to sell immediately at $130 per SOL, they would collectively make an unrealized profit of over $600 million just from this unlock alone.
Market Impact of the Unlock
With over half a billion dollars in unrealized profits on the table, the key question is:
- Will these institutional holders sell immediately, adding selling pressure?
- Or will they hold and wait for better market conditions?
Historically, large unlocks can create volatility, but they don’t always lead to a price drop—especially if demand from buyers matches or exceeds the unlocked supply.
Final Thoughts
The March 1, 2025 unlock is a significant event for Solana’s market. Understanding how these institutional allocations and profits work can help traders make informed decisions. Stay tuned for further developments as more tranches of SOL get unlocked in the future.
What do you think? Will this unlock lead to a price dip, or will Solana absorb the impact smoothly? Drop your thoughts in the comments!
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