Celsius Network
Celsius Network, a crypto lending company, has received approval from the court to sell over $170 million worth of altcoins in exchange for Bitcoin (BTC) and Ethereum (ETH). The company filed for bankruptcy in June 2022 after facing liquidity issues.
The altcoins that Celsius plans to sell include Cardano (ADA), Polygon (MATIC), Solana (SOL), and several others. The company will begin liquidating these assets on July 1, 2023.
According to court documents, Celsius had control over significant amounts of altcoins as of November 25, 2022. These included MATIC, ADA, SOL, LINK, Polkadot (DOT), Litecoin (LTC), and AAVE.
Read More: Celsius to Potentially Sell More Than $170M in ADA, MATIC, SOL, and Altcoins for BTC, ETH
The ruling allows Celsius to sell or convert any cryptocurrency assets, except those associated with Withhold or Custody accounts, into BTC or ETH starting on or after July 1, 2023.
The decision to sell altcoins for BTC and ETH is likely a strategic move by Celsius. BTC and ETH are considered to be more stable assets than altcoins, and they are also more widely accepted by institutions. By converting its altcoins into BTC and ETH, Celsius may be able to improve its liquidity and position itself for a better financial future.
It remains to be seen how the market will react to Celsius’ decision to sell altcoins. However, the move is likely to significantly impact the prices of the affected cryptocurrencies.
