Figure Markets CEO confirms FTX’s auction of remaining locked Solana (SOL)

The embattled FTX cryptocurrency exchange is set to auction the remaining locked Solana (SOL) tokens from its estate. The decision follows the success of the previous sale, which generated significant interest from buyers.

The upcoming auction has been confirmed by Mike Cagney, the CEO of Figure Markets and board chair of Figure, who disclosed that the decentralized exchange will take part in the auction.

Figure Markets introduces SPV investment opportunity. To facilitate Figure Markets’ participation in the upcoming SOL auctions from the FTX estate, Figure Markets has unveiled a Special Purpose Vehicle (SPV) open to non-US investors (subject to KYC) and accredited US investors.

The SPV will operate based on community consensus, where each dollar invested equals one vote in determining bid prices and subsequent management decisions. Investors interested in participating in the SPV can do so using USD, USDC, BTC, or ETH. Figure Markets will charge a 50 bps annual management fee to cover the costs of setting up the SPV and ongoing management. Additionally, while there’s no confirmed timeline yet, Figure Markets intends to integrate the SPV into their exchange, allowing investors to use their investment as collateral for borrowing and margining.

By offering this investment opportunity, Figure Markets aims to provide investors with a streamlined way to participate in the auction of locked Solana tokens from the FTX estate. With the SPV structure, investors can have a say in bid prices and subsequent management decisions, creating a community-driven approach to investment in the cryptocurrency space.