A judge overseeing the bankruptcy proceedings for the cryptocurrency lending company Celsius has given the company permission to start converting.
Celsius's Holdings in Altcoins Are Worth Over $170 million
A judge overseeing the bankruptcy proceedings for the cryptocurrency lending company Celsius has given the company permission to start converting its significant assets in altcoins to Bitcoin and Ethereum on July 1.
The company held 90 million MATIC, 103 million ADA, 161,000 SOL, 3.3 million LINK, 1.8 million DOT, 200,000 LTC, and 106,000 AAVE on Nov. 25, 2022, according to court documents. It is not yet known how much of those holdings will be sold.
Additionally, Celsius owns 650 million of its own CEL tokens and millions more in stablecoins. In order to deliver BTC and ETH to creditors who have waited almost a year for their money back, the firm will sell off several of its positions in favor of these digital currencies.
According to CoinDesk, the judge's ruling allows Celsius to “sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that are associated with Withhold or Custody accounts” to BTC or ETH. Celsius's holdings in altcoins are worth over $170 million, while its CEL token holdings are theoretically worth almost $120 million, although it is unclear if it could be liquidated.
