Celsius Considering Acquisition Offers Retail Platforms And Mining Business

Key Point:

• Celsius received 30 potential acquisition offers
• Bankruptcy crypto firm’s advisor is still looking into it
• The decision to sell or not will be made in mid-January 2023

Bankruptcy cryptocurrency company Celsius has filed with the Court that it is receiving multiple offers to acquire its retail platforms and mining business. Celsius advisors are still considering the acquisition. A decision will be made in mid-January 2023.

According to Bloomberg, a report filed in court by bankrupt crypto lender Celsius Network LLC on Tuesday shows that the company has received multiple offers to acquire its retail platform and mining business.

Terms of the acquisition were not disclosed. Celsius’ attorneys told US Bankruptcy Judge Martin Glenn at Tuesday’s hearing to include proposals for a retail platform, mining operations and a combination of the two. Potential buyers include 30 parties.

Celsius advisers have yet to decide whether to sell the entire crypto lending company, or split it up for sale, or pursue another restructuring plan.

The company’s attorney, Chris Koenig, told the hearing that they plan to work with potential buyers in the coming weeks to improve existing offers and announce in mid-January 2023 whether they sell or not.

The company’s interim CEO, Chris Ferraro, told the hearing that Celsius mining has generated positive operating cash flow each month this year. He said the company will continue to expand its mining operations.

As was updated in an earlier Coincu News article, US Bankruptcy Court Judge Martin Glenn issued an order that crypto lending platform Celsius Network must return approximately $44 million worth of cryptocurrency for users.

As a result, the bankrupt cryptocurrency company discussed reopening withdrawals for some customers. They are approaching customer recovery in phases. Even so, the amount of money that customers are returned is only a very small part of the damage they suffer from this bankruptcy.

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