Celsius plans to sell over $170M worth of ADA, MATIC, SOL, and other altcoins for BTC and ETH.
Crypto lending company Celsius has received approval from the judge overseeing its bankruptcy proceedings to begin selling its major holdings in Cardano (ADA), Polygon (MATIC), Solana (SOL), and a few other altcoins starting from July 1.
According to court documents from December of last year, Celsius had control over 90 million MATIC, 103 million ADA, 161,000 SOL, 3.3 million LINK, 1.8 million Polkadot (DOT), 200,000 Litecoin (LTC), and 106,000 AAVE as of November 25, 2022. It is not entirely clear what the company’s current positions are in those assets and how much of them will be excluded from the sale.
At the time of writing, these positions were collectively worth over $170 million. Celsius also holds millions of dollars in stablecoins and 650 million of its own CEL token. The value of this token is theoretically close to $100 million, according to Coinmarketcap, although it is unclear whether Celsius can liquidate its native asset.
Nevertheless, the approval from bankruptcy Judge Martin Glenn means that Celsius will soon start selling many of its positions in favor of Bitcoin and Ethereum. These two assets will ultimately be distributed to creditors who have been waiting for nearly a year to get their money back.
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Judge Glenn’s ruling stated that Celsius “may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets, except for tokens associated with Withhold or Custody accounts, to BTC or ETH starting on or after July 1, 2023.”
Edited by Stephen Alpher.