Bankruptcy Celsius Receives Multiple Offers for Its Retail Platforms and Mining Business

Bankrupt crypto lender Celsius Network LLC has received multiple bids for its retail platform and mining businesses, according to a company presentation delivered in court Tuesday.

Terms of the bids weren't disclosed. They included offers for the retail platform, the mining business and a combination of the two, a lawyer for Celsius told US Bankruptcy Judge Martin Glenn in the hearing Tuesday. The potential buyer pool includes 30 parties.

Celsius advisers haven't yet decided whether they'll sell the crypto lender as whole, in pieces or if they'll pursue a different restructuring plan. They intend to work with potential buyers in the coming weeks to improve existing bids and announce in mid-January whether a sale will occur, company lawyer Chris Koenig said in the hearing.

Celsius, which went bankrupt in July, held crypto worth $2.6 billion as of Nov. 25, according to the presentation. There remains about a $1.2 billion gap between the value of its assets — including non-crypto — and its total debts.

Celsius mining operations have generated positive operating cash flow every month this year, Interim Chief Executive Officer Chris Ferraro said in the hearing. The company continues building out the mining business, he said.

Source: Bloomberg