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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.
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.
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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
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
