Property belonging to now-defunct cryptocurrency exchange FTX was just seen betting more than $144 million on Ethereum (ETH) rival Solana (SOL) as the company’s bankruptcy proceedings unfold.
According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens.
Analysis by pseudonymous on-chain researcher Ashpool suggests that FTX subsequently staked all the tokens through Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital are also betting on the platform.
On Solana, bettors currently earn around 7% APY (annual percentage yield), depending on the betting platform, and rewards are distributed every two to three days.
FTX ownership already owns roughly $1 billion in Solana, but much of it is locked up until 2028 as part of its vesting schedule agreement.
Solana co-creator Anatoly Yakovenko said last month that if he had the power, he would prefer FTX’s SOL tokens to be given directly to customers of the failed exchange as part of a compensation plan.