Here's What Happened After SBF Offered to Buy a Solana Bear's SOL at $3
Sam Bankman-Fried has become extremely popular in the crypto world for his swagger and investment savvy. The founder of the popular FTX exchange, Bankman-Fried—known within the industry as SBF—is a maverick trader fond o...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Sam Bankman-Fried has become extremely popular in the crypto world for his swagger and investment savvy. The founder of the popular FTX exchange, Bankman-Fried—known within the industry as SBF—is a maverick trader fond of making moonshot bets.
SBF made one such bet in January in a Twitter exchange with a crypto investor who goes by the handle Coinmamba. The exchange began after Coinmamba took a bearish position on Solana, a relatively new blockchain whose native cryptocurrency, SOL, was trading between $2 and $3. In response, SBF made a series of public offers to buy out Coinmamba's position in SOL.
The final tweet in the exchange was a mic-drop moment with SBF declaring, "I'll buy as much SOL [as] you have, right now, at $3. Sell me all you want. Then go fuck off."
The tweet has since become legendary in crypto circles, in part because of what has happened since. Bloomberg columnist Joe Weisenthal resurfaced it this week as the price of Solana brushed $170. Earlier this week, SOL reached a high above $200 per coin.
This was January. SOL up 70x since. https://t.co/SPtuLnOFCy
— Joe Weisenthal (@TheStalwart) September 9, 2021
But while the tweet has garnered plenty of attention, a key question remains unanswered: Did Coinmamba, or anyone else, take up SBF on his January offer to buy all their SOL tokens?
If the deal went through, it would have gone down as one of history's greatest trades—the crypto equivalent of John Paulson shorting the U.S. subprime mortgage market in 2008, or Warren Buffett getting warrants to buy Goldman Sachs stock on the cheap amid the financial crisis, both of which saw those legendary money men make billions.
To find out what happened following his famous tweet, Decrypt reached out to SBF to see if anyone sold him their SOL holdings for $3.
"Alas, they didn't," he replied.
Coinmamba, meanwhile, could not be reached. Since the famous Twitter exchange, he has set his account to private—presumably to tune out the hoards of Solana bulls looking to dunk him—so it's unclear if he still holds his SOL stash or if unloaded it to someone else on the cheap.
As for SBF, he's already become a billionaire in a matter of two years, so we suspect he will be just fine.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.An earlier version of this story incorrectly referred to John Paulson as Gary Paulson.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on DecryptRelated market context
US sanctions Iranian crypto exchange and its software developer over alleged IRGC Bitcoin transfers
The US sanctioned Iranian crypto exchange BitBank, widening its campaign against digital-asset infrastructure allegedly used to fi...
US Sanctions Iranian Exchange BitBank Over Bitcoin Transfers to the IRGC and Hormuz Passage Fees
The US Treasury sanctioned BitBank, a Tehran cryptocurrency exchange, on Thursday, saying the platform moved hundreds of millions...
Treasury Sanctions Iranian Crypto Exchange BitBank Over Bitcoin Transfers to IRGC
Bitcoin Magazine Treasury Sanctions Iranian Crypto Exchange BitBank Over Bitcoin Transfers to IRGC The U.S. is continuing to targe...
Jupiter Exchange enables INJ swaps for SOL and SPL tokens
The integration enhances cross-chain liquidity and trading efficiency, potentially boosting Solana's ecosystem and Injective's mar...
Solana DEXs execute 208M trades in a single week, surpassing NYSE and closing in on Nasdaq
Solana DEXs executed over 208 million trades in one week, surpassing the NYSE in transaction count and reaching 88% of Nasdaq's we...
Your crypto hardware wallet can stay secure while everything around it fails
Two wallet incidents this week exposed a growing weakness in crypto self-custody: the systems surrounding hardware devices. D’CENT...