Celsius May Sell More Than $170 Million in ADA, MATIC, SOL and Altcoins for BTC and ETH
Crypto lending firm Celsius could begin selling its key holdings in Cardano (ADA), Polygon (MATIC), Solana (SOL) and a handful of other altcoins on July 1 after the judge overseeing the bankruptcy proceedings has given the approval.
According to court documents last December, on November 25, 2022, Celsius controlled 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 Es wasn’t entirely clear what the company’s current positions in those assets are and how many of them it plans to keep from sale.
These positions were valued in excess of $170 million at press time. Celsius has millions of dollars more in stablecoins, as well as 650 million of its own CEL token. According to Coinmarketcap, this tranche is theoretically worth nearly $100 million, but it was unclear whether Celsius would be able to liquidate its native asset. Nonetheless, bankruptcy judge Martin Glenn’s all-clear signal means that Celsius will soon begin dumping many of its positions in favor of bitcoin and ether, the two assets that will eventually be distributed to creditors who have been waiting for their cash refunds for almost a year .
Celsius “may sell or convert any non-BTC and non-ETH cryptocurrency, crypto token or other cryptocurrency assets other than those tokens associated with withhold or custody accounts starting July 1… in BTC or ETH. 2023,” read Judge Glenn’s decision.
