Bidding War For Celsius Heats Up As Possibility Of Binance To be In

Many bid offers are made for the bankrupt cryptocurrency business Celsius. It is might possible that Binance soon purchase it, as happened with Voyager Digital.

The bankrupt crypto startup Celsius has received bids for mining and retail operations from 30 possible buyers, according to a company presentation. The exhibition is filed with the US Bankruptcy Court Southern District of New York as an attachment.

The effects of the May market crisis, Celsius stopped customer withdrawals and filed for Chapter 11 bankruptcy in July 2022.

Celsius To Get In Touch With Potential Buyers

Since September, the company has been attempting to get in touch with potential buyers for its retail and mining companies. A total of 30 unseen bidders made offers, and 30 of them approve.

According to a Bloomberg report, Celsius’s attorney told the court they would announce their interest in consummating a sale by the middle of January.

Additionally, Binance just bought Voyager Digital, another bitcoin lender that had gone bankrupt. Binance submitted the highest offer to purchase Voyager Digital, totaling $1.022 billion. The neighborhood surmises that the Changpeng Zhao-led exchange may have also targeted Celsius.

I have reason to belive @Binance will place a bid on @CelsiusNetwork‘s assets. 

The reorganization plan is still possible because the decision to sign an agreement with bidders has not yet been made.

Galaxy Digital Holding has revealed plans to purchase Celsius’ custody platform, GK8, according to a recent announcement from Celsius. Furthermore, Celsius plans to sell stablecoins worth $18 million as part of the restructuring. With these sales, the business anticipates total runaway to continue through May or June 2023 to maintain operations.

Related Reading | Despite High-Profile Crashes, Retail Investors Are Flocking To Bitcoin

Moreover, the court granted Celsius Network permission to give its staff incentives totaling $2.8 million. Using the business hopes to keep its staff and maintain business operations (KERP).

Comments (No)

Leave a Reply