Goldman Sachs raised $2 billion to buy Celsius when the project went bankrupt

Goldman Sachs is seeking investors’ $2 billion in pledges to buy Celsius properties at a steep discount should the crypto lender go bust.

Goldman Sachs raises capital to buy Celsius

This Wall Street firm is looking to raise $2 billion from investors to buy back troubled assets from troubled crypto lender Celsius

According to these people, the proposed arrangement would allow investors to buy Celsius assets at a significant discount in the event of a bankruptcy filing.

Goldman Sachs appears to be assessing interest rates and attracting commitments from Web3 crypto funds, hard-hit funds, and traditional financial institutions with ample cash flows, according to a person familiar with the situation. The assets, most likely cryptocurrencies, have to be sold cheaply, then are likely to be managed by the people participating in the fundraiser.

Goldman Sachs did not respond to a request for comment.

Celsius, which has over $8 billion in loans to customers and $12 billion in assets under management as of May this year, abruptly announced on June 12 that it would stop withdrawing funds from its own platform, citing “extreme market conditions”. The disclosure exacerbated those conditions, sending the bitcoin price below $20,000 for a short time.

In addition to hiring Alvarez & Marsal, Celsius has tapped restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld. The Wall Street Journal reported earlier this month. Global investment bank Citigroup has also been enlisted by Celsius to advise on possible solutions, including evaluating an offer from rival crypto lender Nexo, The Block reports.

Citigroup and Akin Gump have both asked Celsius to file for bankruptcy, according to people familiar with the matter. Citigroup declined to comment, and akin Gump did not immediately respond to a request for comment.

Celsius raised $750 million from investors last year, including Canada’s second-largest pension fund, Caisse de dépôt et put du Québec (CDPQ), valuing the business at $3.25 billion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Goldman Sachs raised $2 billion to buy Celsius when the project went bankrupt

Goldman Sachs is seeking investors’ $2 billion in pledges to buy Celsius properties at a steep discount should the crypto lender go bust.

Goldman Sachs raises capital to buy Celsius

This Wall Street firm is looking to raise $2 billion from investors to buy back troubled assets from troubled crypto lender Celsius

According to these people, the proposed arrangement would allow investors to buy Celsius assets at a significant discount in the event of a bankruptcy filing.

Goldman Sachs appears to be assessing interest rates and attracting commitments from Web3 crypto funds, hard-hit funds, and traditional financial institutions with ample cash flows, according to a person familiar with the situation. The assets, most likely cryptocurrencies, have to be sold cheaply, then are likely to be managed by the people participating in the fundraiser.

Goldman Sachs did not respond to a request for comment.

Celsius, which has over $8 billion in loans to customers and $12 billion in assets under management as of May this year, abruptly announced on June 12 that it would stop withdrawing funds from its own platform, citing “extreme market conditions”. The disclosure exacerbated those conditions, sending the bitcoin price below $20,000 for a short time.

In addition to hiring Alvarez & Marsal, Celsius has tapped restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld. The Wall Street Journal reported earlier this month. Global investment bank Citigroup has also been enlisted by Celsius to advise on possible solutions, including evaluating an offer from rival crypto lender Nexo, The Block reports.

Citigroup and Akin Gump have both asked Celsius to file for bankruptcy, according to people familiar with the matter. Citigroup declined to comment, and akin Gump did not immediately respond to a request for comment.

Celsius raised $750 million from investors last year, including Canada’s second-largest pension fund, Caisse de dépôt et put du Québec (CDPQ), valuing the business at $3.25 billion.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

Coincu News

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