Celsius Network’s financial projection shows that it is likely to run out of cash by October, but the lending firm witnessed a breakthrough. A New York judge has approved Celsius’ request to sell Bitcoin that it mines as it undergoes bankruptcy.
While the process is expected to reinstate financial stability for the beleaguered platform, Chief US Bankruptcy Judge Martin Glenn believes Bitcoin mining would not bring profits immediately to the table since Celsius needs to make additional investments to set up mining infrastructure. On the second day of the hearing, the Judge, nevertheless, said he would respect Celsius’ business decision and allow it to proceed. The crypto lender, on multiple occasions, had reaffirmed that Bitcoin mining remains one of the crucial focus areas in its restructuring process.is limited to mining and selling the mined BTC.
Meanwhile, the Judge did not grant the company’s separate request to make “de minimis” sales of assets that it did not consider to be at the center of its business.According to Glenn, Celsius was “too vague” about the assets that it intended to dispose of and divulged details regarding it very recently. The assets in question include up to $210 million in equity and debt investments in other crypto companies.
Currently, the crypto lending firm is looking into more significant sales of some or all of its assets while in bankruptcy. Reports suggest it would return to court on September 1st to obtain approval for a process and schedule for auctioning its assets.
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