Celsius Network, the bankrupt cryptocurrency lender, has attracted 30 potential bidders for its different assets, such as its retail platform and mining business.

According to a company presentation filed on Dec. 20, more than 125 parties have been notified since September, with 30 potential bidders signing non-disclosure agreements, a legal contract used to protect the sensitive information about a company or the bidding conditions that are usually needed during negotiations.

The platform stated that it had received numerous bids suggesting a variety of potential exchanges and business structures to obtain its assets, such as migrating its customers to the acquirer's platform and haircutting its assets.

The lending platform also disclosed that it had received several single-asset bids.

With the bidding deadline passed on December 12, the auction for Celsius' various assets has been pushed back from the original date of December 15 to January 10, according to earlier documents filed by Celsius.

According to the most recent presentation, the company held crypto worth approximately $2.6 billion as of Nov. 25. However, even when this is combined with all of its non-crypto assets, Celsius is still $1.2 billion short of the amount needed to pay off all debts.

On the other hand, its ongoing mining operations have been successful, with Celsius asserting that it has created positive operating cash flow every month this year as it deploys more mining rigs.

In related news, on Dec. 20, bankruptcy judge Martin Glenn granted Celsius's Sept. 1 motion, enabling them to reopen withdrawals for a subset of their customers.

Assets that have only ever been held in the Custody Program are eligible for withdrawal, as are funds transmitted from Earn or Borrow Programs into the Custody Program within 90 days of Celsius filing for bankruptcy on July 13.

The order also applies to "ineligible Withhold Assets," which will be determined following conferences between Celsius, the Withhold Ad Hoc Group, and the Celsius Official Committee of Unsecured Creditors.

How do you think this play out in the long run for Celsius? Let us know your thoughts by sharing this article on social media.

Dec 21, 2022
Crypto News

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