Celsius Outlines Next Steps as Bankruptcy Proceedings Begin

A Celsius Network presentation ahead of Monday afternoon's bankruptcy court hearing offers a snapshot of the company's current situation and broad picture of what a restructuring might look like.

As reported last week, Celsius has $4.3 billion in reported assets which includes $600 million in the now depleted CEL token, as well as $5.5 billion in liabilities.
Among next steps, the company is hoping its sizable mining subsidiary can use minted bitcoin (BTC) to both grow its balance sheet and fund mining operations.
Celsius is also considering "asset sales and third-party investment opportunities" as a way to raise capital.
The company added that it will confirm a Chapter 11 plan that will provide customers an option of receiving a discounted cash settlement, or the option to remain "long crypto," which could involve distributing CEL tokens.
The CEL token is currently trading at $0.80 with a market cap of $191 million, despite Celsius claiming that it owns $600 million worth of that native token.
The presentation comes ahead of the company's scheduled appearance in front of a bankruptcy judge on Monday at 2 p.m. ET.

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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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