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Judge Clears Celsius' Plan to Sell Bitmain Mining Coupons Worth Over $7M
The crypto lender must sell the vouchers before they expire to raise funds for the bankruptcy estate.
Updated Feb 16, 2023, 4:32 p.m. Published Feb 16, 2023, 1:43 p.m. 1 min read
A New York judge on Thursday authorized Celsius Network to sell coupons for mining company Bitmain, makers of the Antminer range, as the bankrupt crypto lender seeks to maximize value for creditors.
The company, which filed for bankruptcy protection in July, had previously estimated the assets could raise $7.4 million on secondary markets if sold before they expire.
The assets, which offer a discount of 10%-30% on Bitmain purchases for a limited period, can be sold to any bona fide third party, but with the consent of a committee representing Celsius’ unsecured creditors, bankruptcy Judge Martin Glenn said.
Glenn’s order, dated Feb. 16 did not cover a request to sell Bitmain credits, which are accrued when mining rigs are pre-paid, and which Celsius had estimated could raise a further $7 million.
Earlier this week Celsius set out plans to reorganize and sell its assets, sponsored by investment firm NovaWulf.
Read more: Bankrupt Crypto Lender Celsius Seeks to Raise $14M From Bitmain Mining Vouchers
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