Bankrupt crypto lender Celsius Network gets almost 30 potential bidders for its retail platform and mining businesses.
According to a company presentation, Celsius’ advisors contacted over 125 parties, with 30 potential bidders executing non-disclosure agreements.
As of November 25, 2022, Celsius holds crypto worth approximately $2.6 billion. This includes over $1 billion in ETH and stETH and roughly $630 million in BTC and WBTC.
The value of Celsius’ total assets, which also include non-crypto assets, is still $1.2 billion less than the sum of its debts.
Whether they will sell the Celsius in whole, in parts, or under a different restructuring strategy, all of these are still up in the air for Celsius advisors.
They plan to negotiate with prospective bidders in the upcoming weeks before announcing if a sale will take place in the middle of January.
Celsius also received a number of single-asset bids. The auction for Celsius’ assets has been postponed from its intended date of Dec. 15 to Jan. 10 due to the bidding deadline being exceeded on Dec. 12.
Also Read: US Bankruptcy Judge orders Celsius to return $50M to users
With a focus on cost control and maximizing operational effectiveness, Celsius is expanding its mining activities. Through November 31, 2022, mining activities have produced positive adjusted EBITDA each month this year.
Additionally, Celsius has finished constructing, powering up, and deploying rigs at 3 of the 4 private mining sites:
Also Read: Celsius Customers Receive Bar Date to File Proofs of Claim
