•The Solana Foundation today shared the extent of its financial ties to FTX and Alameda Research.
• SOL has lost more than half of its value since FTX revealed its liquidity crunch last Tuesday.
• The Solana Foundation holds approximately 3.24 million shares of FTX Trading LTD common stock, along with about 3.43 million FTT tokens and 134.54 million SRM tokens from the decentralized exchange (DEX), Project Serum.
• Currently, that stash of FTT tokens is worth about $4.36 million, while the SRM tokens are collectively worth about $29.3 million; however, both tokens have fallen sharply in price over the past week.
• The blog post added that FTX and its affiliated Alameda Research crypto trading firm (also co-founded by Bankman-Fried) purchased over 50.5 million SOL from the Foundation, currently valued at about $708 million; however, a significant portion of that SOL is locked up in monthly unlock schedules that run into 2028.
• Solana Labs also sold over 7 .56million SOL (about $106millionworth) to Alameda Research—all of those tokens will unlock for trading 2025.
Blog Introduction: The Solana Foundation today shared the extent of its financial ties to FTX and Alameda Research. According to the blog post, the Foundation holds approximately 3.24 million shares of FTX Trading LTD common stock, along with about 3.43 million FTT tokens and 134.54 million SRM tokens from the decentralized exchange (DEX), Project Serum.
Currently, that stash of FTT tokens is worth about $4.36 million, while the SRM tokens are collectively worth about $29.3 million; however, both tokens have fallen sharply in price over the past week. The blog post added that FTX and its affiliated Alameda Research crypto trading firm (also co-founded by Bankman-Fried) purchased over 50.5 million SOL from the Foundation, currently valued at about $708 million; however, a significant portion of that SOL is locked up in monthly unlock schedules that run into 2028.
Solana Labs also sold over 7 .56million SOL (about $106millionworth) to Alameda Research—all of those tokens will unlock for trading in 2025. As a result of these financial ties, many in the SOL community are calling for greater transparency from the Foundation.
The news of the Solana Foundation’s financial ties to FTX has sent shockwaves through the SOL community. Many token holders are calling for greater transparency from the Foundation, especially given the recent drop in the value of both SOL and SRM tokens. Some accuse the Foundation of being too cozy with FTX and Alameda Research and question whether or not their interests are truly aligned with those of the SOL community.
Others point out that the Foundation’s investments in FTX and Alameda Research are not necessarily a bad thing; after all, these are two companies that are well-established and have a proven track record in the industry. And if anything, these investments show that the Foundation is serious about growing the Solana ecosystem. Only time will tell how this situation will play out, but one thing is for sure: The Solana Foundation will need to do some major damage control if it wants to regain the trust of the SOL community.
The news of the Solana Foundation’s financial ties to FTX and Alameda Research has sent shockwaves through the crypto community. Many are calling for greater transparency from the Foundation, especially given the recent drop in the value of both SOL and SRM tokens. It remains to be seen how this situation will play out, but one thing is for sure: The Solana Foundation will need to do some major damage control if it wants to regain the trust of investors.
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