Alameda Research shifts $15.14M in SOL to BitGo as estate manages assets

Alameda Research transferred 201,000 SOL, worth $15.14 million, to BitGo custody on July 14, the latest move by the FTX bankruptcy estate to secure its digital assets.

"The funds were distributed across multiple BitGo custody addresses through several rapid transactions," Onchain Lens, the blockchain monitoring platform that flagged the transfers, said.

The transfer occurred within minutes, with the SOL split across several BitGo addresses. BitGo, a regulated digital asset custodian, is commonly used by bankruptcy estates to securely hold assets during restructuring. The FTX estate has been one of the largest holders of Solana, with millions of tokens under vesting schedules, according to court filings.

The move does not necessarily mean an imminent sale — transfers to custody typically precede either liquidation or creditor distribution. The estate's next court-approved asset disposition could add selling pressure on SOL, which traded near $75 at the time of the transfer.

The transfer came on the same day Circle minted $500 million in USDC on Solana in two $250 million tranches, according to on-chain data. The minting boosted liquidity on the network and reflected growing institutional confidence in Solana's capacity to handle large-scale transactions.

The FTX estate has been systematically consolidating its crypto holdings since the exchange filed for Chapter 11 bankruptcy in November 2022. In September 2023, the court approved the liquidation of certain crypto assets, including Solana, under strict supervision. Similar transfers to custody have preceded past sales, though the estate has also moved assets purely for security purposes.

For creditors awaiting repayment, the transfer to a regulated custodian like BitGo may signal progress in the estate's asset management process. However, the timeline for distributions remains uncertain, with court proceedings ongoing.

This article is for informational purposes only and does not constitute investment advice.