- Celsius Network will hold auctions of its assets in January 2023.
- 30 potential bidders already signed non-disclosure agreement.
- The crypto lender has also been given a green light to return some of the customers’ funds.
Celsius Network, a bankrupt cryptocurrency lender, will hold an auction on January 10, and has already received thirty potential bidders. The auction was originally scheduled to take place on December 15, but it has been moved to next year.
With December 12th being the deadline for bidding, 125 parties were already contacted and 30 potential bidders had already signed non-disclosure agreement.
These assets include the Celsius retail platform and the mining business.
There have been several bids from potential bidders for the crypto lender, ranging in business structures and possible transactions. For example, some have suggested migrating Celsius customers to the acquirer’s platform along with the assets.
Celsius revealed that it received multiple single-asset bids.
Celsius had crypto assets valued at $2.6 billion as of November 25. Celsius still has $1.2 billion to pay off its debts despite having so many assets.
Although Celsius filed for bankruptcy on July 13, this year, their Celsius mining operations were successful. They have generated positive operating cash flow each month this year and continue to deploy more mining rigs.
Reopening withdrawals
Martin Glenn, a bankruptcy judge, approved Celsius’s motion filed September 1, and permitted the company to reopen withdrawals from some customers.
The assets that will be eligible for withdrawal are “ineligible Withhold Assets,” the amounts less than $7,575 held in the custody program, and funds that were transferred from the Earn or Borrow Program into the custody program within 90 days of Celsius filing for the Chapter 11.
