Smart trades, like buying deeply discounted Solana tokens, are a hallmark of Michael Novogratz, founder and chief executive officer of Galaxy Digital.While one part of his firm was advising on asset sales, traders at Mike Novogratz’s Galaxy Digital bought a hoard of Solana tokens at a steep discount from bankrupt crypto exchange FTX. Windfall profits are likely.hen FTX filed for bankruptcy, savvy crypto traders smelled a lucrative opportunity.
The caveat is that most of the tokens Bankman-Fried owned are locked, meaning they can only be sold in batches on a monthly basis between 2025 and 2028. Multi-year vesting schedules like this typically mean that tokens have to be auctioned at steep discounts to compensate for the considerable risk buyers assume due to crypto's volatility. However, the potential returns could be enormous. Enter Galaxy’s trading unit, which positioned itself on the buying end of the auction.
During the second auction, held in late April, the FTX estate reportedly offloaded 1.8 million SOL, with successful bids ranging from $95-$110 per token . Galaxy Trading again raised money from investors for this auction, capping the minimum commitment at $5 million,. Pantera also participated. The last batch of SOL sales wrapped up on May 22, drawing Pantera and the newly established crypto exchange Figure Markets.
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