Alameda Research’s bankruptcy estate has distributed another $15 million worth of Solana to creditors, extending a repayment process that has now been running for nearly two years.

According to blockchain data highlighted by Arkham, the latest monthly tranche involved the transfer of roughly $15.60 million in Solana (SOL) to 25 separate addresses.

The movement forms part of a structured distribution program that has been ongoing for 21 months following the collapse of FTX and its trading arm, Alameda Research.

Despite the steady outflows, Alameda’s on-chain wallets still hold approximately $314.95 million worth of SOL, keeping the estate among the largest known holders of the token tied to the defunct exchange empire.

Market impact questions resurface

The renewed transfers have reignited debate over whether these distributions ultimately translate into sell pressure on the open market.

Arkham raised the question directly, asking whether the newly distributed SOL would be “SOLd straight into the market,” a concern that has repeatedly surfaced during prior repayment rounds.

While the latest tranche is relatively modest compared to Alameda’s historical holdings, traders remain sensitive to any supply overhang tied to creditor payouts, particularly during periods of broader market volatility.

Solana’s native token has been volatile in recent months, trading near the low-to-mid $80s to low $90s range after pulling back from higher levels seen in 2025.

Where Alameda’s SOL went

Additional context was provided by analyst Emmet Gallic, who traced the fate of the bulk of Alameda and FTX’s Solana holdings.

According to the analysis, roughly 43 million SOL was largely sold through over-the-counter deals across three major tranches in 2024, limiting direct market disruption.

Those sales included 26 million SOL at $64 to buyers such as Galaxy, Pantera, Jump, and Multicoin; 14 million SOL at $95 through a Pantera-led consortium; and a further 2 million SOL at $102 involving Figure Markets and Pantera.

Since those OTC sales, remaining SOL distributions have been handled gradually, suggesting a continued effort to balance creditor repayments with market stability. Still, with more than $300 million in SOL left on-chain, Alameda-linked movements are likely to remain a point of close scrutiny for Solana traders in the months ahead.

As part of the strategy to turn X (formerly Twitter) into a “super app” or Everything App, a key missing piece, X Money, is beginning to take shape.

X aims to be more than a social media platform. Elon Musk wants to transform it into a personal finance game-changer. Users could handle messaging, shopping, and full personal asset management in one place.

Why Are Crypto Investors Excited About X Money?

During an xAI “All Hands” presentation in February 2026, Elon Musk revealed that X Money is already running in internal testing among X employees. A limited rollout to users is expected within the next one to two months.

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The United Kingdom’s government has appointed HSBC’s tokenization platform to power a pilot issuance of digital government bonds, known as “gilts,” marking the latest step in its push to modernize sovereign debt markets using blockchain technology.

His Majesty’s Treasury has appointed HSBC Orion to facilitate the Digital Gilt Instrument (DIGIT) pilot issuance, according to a Thursday announcement.

The Treasury published a DIGIT pilot update in July 2025, outlining plans to explore blockchain applications in UK sovereign debt issuance and to support the development of domestic tokenization infrastructure.

“We want to attract investment and make the UK the best place to do business,” said Lucy Rigby, UK economic secretary to the Treasury, commenting on HSBC Orion’s DIGIT appointment. She added that the pilot will help the UK explore how to capitalize on the distributed ledger technology (DLT), enhance efficiency and reduce costs for businesses.

Key objectives and features of the DIGIT pilot

The DIGIT pilot aims to enable digitally native, short-dated government bonds operating within the Digital Securities Sandbox (DSS).

The pilot is designed to support secondary market development and broader accessibility, with onchain settlement, while operating independently of the UK government’s main debt management program.

“This is exactly the kind of financial innovation we need to keep the UK at the forefront of global capital markets and I’m looking forward to working with HSBC and other parties to deliver DIGIT,” Rigby said.

HSBC has issued $3.5 billion in digital bonds globally

Since its launch in 2023, HSBC Orion has enabled the issuance of at least $3.5 billion in digitally native bonds globally, including the European Investment Bank’s first digital sterling bond and a multi-currency $1.3 billion-equivalent bond issued by the Hong Kong government.

“The UK is a home market for us and the sixth largest economy in the world,” said Patrick George, HSBC’s global head of markets and securities services. “HSBC is delighted to be supporting the continued development of the gilt market, market innovation, and the growth of the broader UK economy,” he added.

Related: Malaysia’s central bank announces stablecoin, tokenization sandbox

Alongside appointing HSBC Orion as the platform provider for DIGIT, the UK government also appointed global law firm Ashurst to provide legal services for the pilot.

“Our team brings deep expertise in digital assets transactions, and we look forward to working with HSBC and supporting the government as it takes this transformative step for UK capital markets,” Ashurst’s head of digital assets, Etay Katz, said.

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