Celsius Network Receives Several Possible Bidders for Its Assets

• Celsius has received more than 125 parties including 30 prospective bidders since September.
• The platform held crypto worth $2.6 billion as per a recent presentation.

Celsius Network, the bankrupt crypto lending company, has attracted 30 possible bids for its different assets, including its retail platform and mining businesses. According to a company presentation filed on Tuesday, more than 125 parties have been approached since September, and 30 prospective bidders have signed non-disclosure agreements.

As per Celsius, it has already received many bids proposing a variety of potential agreements and business formats to acquire its assets. This includes moving Celsius clients to the acquirer’s platform and reducing their assets. The financing platform also said that it has received several single-asset bids.

Celsius Network to Get Into the Track

The earlier records submitted by Celsius show that the auction for the different assets owned by the firm has been postponed from its initial date of December 15 to January 10, with the bidding deadline having been reached on Dec. 12.

According to the most recent presentation, as of Nov. 25, the company possessed cryptocurrency worth about $2.6 billion. However, even when all of its non-crypto assets are added up, Celsius is still $1.2 billion short of being able to pay off all debts. At the same time, Celsius claims that its ongoing mining activities have been profitable and it has generated positive operating cash flow every month this year as it deploys new mining rigs.

On December 7, a judge ordered Celsius Network to return cryptocurrencies in custody accounts to clients, including a collection of assets worth $44 million. The judge also required the company to return some coins that had been moved from interest-bearing accounts to custody accounts.