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Compute North Agrees To Sell $1.55 Million In Assets To Crusoe

Crusoe Energy Systems will pay about $1.55 million for 11 containers sold by Bitcoin mining hosting company Compute North.

Compute North Agrees To Sell $1.55 Million In Assets To Crusoe 3

Crusoe has gone shopping while other Bitcoin mining businesses have been forced to sell up assets due to a lack of liquidity.

According to the filing, Crusoe had previously made a deposit of $187,000 on October 28. Before the deadline, the firm did not receive any further eligible offers.

The paperwork submitted on Wednesday stated the transaction was authorized by the Houston Division of the Southern District of Texas’s bankruptcy court.

Compute North Agrees To Sell $1.55 Million In Assets To Crusoe 4

In September, Compute North declared bankruptcy under Chapter 11 and stated that its estimated assets and liabilities ranged from $100 million to $500 million. Additionally, it recently reached a $5 million deal to sell two mining facilities to its previous backer Generate Capital.

Not only Compute but companies in the Bitcoin mining industry are also struggling with the price drop that took place in the aftermath of the FTX crisis.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.