Celsius Gets Green Light to Convert 170M Altcoins to BTC and ETH

Celsius bankruptcy proceedings reveal the crypto lending company’s next move.
The company got the go ahead to convert all its 170 million worth of altcoin.
They will now proceed to convert these assets to Bitcoin (BTC) and Ethereum (ETH).

Crypto lending company Celsius recieves approval from the judge overseeing its bankruptcy proceedings to sell its major holdings in altcoins. These include assets such as Cardano (ADA), Polygon (MATIC), Solana (SOL), and others. The sell-off began on July 1, marking a significant development in the company’s efforts to resolve its financial situation.

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According to court documents from December last year, Celsius was in control of substantial amounts of various altcoins. These included 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. The exact current positions of the company in these assets and the specific portion to be sold were not disclosed.

The combined value of these positions exceeded $170 million at the time of reporting. In addition to the altcoins, Celsius also holds millions of dollars worth of stablecoins. It also holds 650 million of its own CEL token. However, it remains uncertain whether the company can liquidate its native asset.

Judge Martin Glenn’s approval grants Celsius the green light to begin exiting many of its altcoin positions. They will do so by converting them into Bitcoin (BTC) and Ether (ETH). These two primary assets will ultimately be distributed to the company’s creditors. These creditors have patiently awaited the return of their funds for almost a year.

The ruling by Judge Glenn allows Celsius to “sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets”. The ruling became effective since July 1, 2023, with the exception of tokens associated with Withhold or Custody accounts. This development marks a significant step forward in Celsius’ bankruptcy proceedings, bringing the company closer to resolving its financial obligations.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.