CEL Token Jumps as SBF Said to Eye Celsius in Buying Spree

The native token of Celsius regained momentum just hours after being rocked by the surprise departure of CEO Alex Mashinsky.

AccessTimeIconSep 27, 2022 at 10:58 p.m. UTC
Updated May 11, 2023 at 4:18 p.m. UTC

Celsius Network’s native token CEL rocketed upward late Tuesday amid reports that FTX’s Sam Bankman-Fried could bid on the bankrupt crypto bank’s assets.

The token, which had nosedived earlier Tuesday after the surprise departure of Celsius CEO Alex Mashinsky, jumped over 15% off its 24 hour lows following the Bloomberg report. It was trading hands around $1.52 at press time.

The fuel for CEL’s late-day rally came courtesy of crypto’s spending chief bailout officer, Sam Bankman-Fried, whose FTX exchange has been consolidating power in the crypto industry through whirlwind deals with distressed competitors. Late Monday, FTX won the bidding for Voyager Digital’s assets, valued at $1.4 billion; FTX claims it has $1 billion left to spend on acquisitions.


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Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

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