Alameda Research transferred 201,777 SOL to BitGo Custody wallets across 24 transactions on August 11, according to blockchain analysis by Arkham Intelligence. The distribution, valued at approximately $15.27M, is earmarked for FTX creditors through the FTX Recovery Trust.
The transfer represents a concrete step in the liquidation process for assets frozen during FTX's 2022 collapse. Alameda still holds approximately 3 million SOL, worth around $226.7 million at current prices, raising an open question about whether remaining holdings will be sold to satisfy claims or retained by creditors as part of their recovery allocation.
Alameda Research was Sam Bankman-Fried's trading firm and bore the largest concentration of FTX customer deposits lost in the exchange's insolvency. When FTX filed for bankruptcy in November 2022, Alameda held stakes in Solana and other assets that became part of the estate's recoverable value. BitGo Custody, a regulated digital asset custodian, has been used by the FTX Recovery Trust to hold assets during the claims process, isolating them from further market risk during distribution.
The timing of this August distribution comes as FTX creditors continue receiving payouts tied to coin recoveries and liquidated holdings. The estate has recovered more than $14 billion in value since the collapse, though the pace and composition of distributions to different creditor classes remain subject to court oversight.
Solana's price at the time of the transfer was approximately $75.70 per token. Creditors receiving SOL through BitGo face a choice between holding the asset or immediately liquidating it, a decision that could influence SOL's supply dynamics if large holders elect to sell. The remaining $226.7 million in Alameda-held SOL will determine whether another significant distribution takes place and whether those proceeds flow to creditors or remain locked in the estate pending court determination.
