More than two years after FTX collapsed, its trading arm is still quietly working through one of crypto's largest unwound positions. On-chain analytics firm Arkham flagged a fresh transfer overnight: Alameda Research sent $9.47 million worth of SOL to Coinbase Prime, the latest installment in a drip-feed of distributions that has been running since 2024. Even after this transfer, wallets tracked by Arkham show Alameda still holding $270.15 million in SOL.
The pattern is by now familiar to anyone who has followed the FTX estate's wind-down. Rather than dumping its Solana position in one move — which would almost certainly hammer the price and draw far more scrutiny — Alameda has spread transfers out over an extended period, sending tranches to exchanges like Coinbase Prime at a pace deliberate enough that any single transfer barely registers against SOL's daily trading volume. Earlier this year, CoinDesk reported on a similar unstaking event, when Alameda moved roughly $16 million in SOL toward a wallet linked to creditor repayment, part of a broader court-ordered process to return funds to those owed money by the collapsed exchange.
Whether transfers to an exchange like Coinbase Prime always mean an outright sale isn't something outsiders can confirm with certainty — institutional desks route large positions through prime brokerage accounts for custody and OTC execution as often as for open-market selling. But the direction of travel is clear: Alameda's SOL treasury, once one of the largest single holdings connected to the FTX empire, has been steadily shrinking for two years, and $270 million is a fraction of what the estate once controlled at SOL's post-collapse lows.
Related: Alameda/FTX Estate Unstakes $20.6M in SOL Toward Creditor Repayments
What keeps this story relevant to the market isn't any single transfer — it's the standing overhang. As long as a nine-figure SOL position remains parked in estate-controlled wallets, Arkham's own tracking shows traders will keep watching every movement for a signal about pace and intent, since a meaningful acceleration in outflows could pressure SOL's price independent of anything happening elsewhere in the Solana ecosystem. So far, the estate has shown no sign of abandoning its slow-drip approach in favor of a faster liquidation. It is a familiar rhythm for Solana watchers, who saw a similar pattern when Pump.fun's fee wallet sent 77,706 SOL to Kraken in one scheduled batch rather than an abrupt dump.
FAQ
What is Alameda Research?
Alameda Research was the trading firm founded by Sam Bankman-Fried that collapsed alongside FTX in November 2022; its remaining crypto holdings are now being distributed under court supervision to repay creditors.
Does a transfer to Coinbase Prime mean Alameda is selling?
Not necessarily — institutions route large positions through prime brokerage accounts for custody and OTC execution as well as open-market sales, so a transfer alone doesn't confirm a sale.
How much SOL does Alameda still hold?
Arkham's tracking puts Alameda's remaining on-chain SOL position at roughly $270 million as of this transfer, down from far larger holdings in the years after FTX's collapse.
