Bankrupt Celsius Could Follow in Voyager Digital’s Footsteps and Be Acquired Soon

Bankrupt crypto firm Celsius received several bids; will it follow in the footsteps of Voyager Digital and be acquired by Binance soon?

Bankrupt virtual currency firm Celsius has attracted bids from 30 potential buyers for its mining and retail business, according to a company presentation. A filing with the U.S. Bankruptcy Court for the Southern District of New York is enclosed with the presentation.

Celsius filed for bankruptcy in July 2022 after customers stopped withdrawing money in the wake of the

May 2022 market crash.

Will Celsius receive?

Celsius has been trying to contact the parties since September to divest her retail and mining activities. She has received offers from 30 bidders that have not yet been made public.
Bloomberg reports that Celsius’ lawyer said in court that the company will announce in mid-January whether it is interested in signing the deal.

Binance recently acquired another bankrupt cryptocurrency lender, Voyager Digital; Binance made the highest bid of $1.022 billion to acquire Voyager Digital. The community suggests that an exchange led by

Changpeng Zhao may have also bid to acquire Celsius.

The bankrupt firm offered $2.8 million to its employees.

The restructuring plan is still under review, as the decision to sign an agreement with a bidder is not yet final.

Celsius recently announced that Galaxy Digital Holding plans to acquire its GK8 storage platform. In addition, Celsius plans to sell $18 million worth of Stablecoins as part of the restructuring. With these sales, the company expects to be fully breakeven and operational through May or June 2023.

Not only that, but Celsius Network has been court-authorized to pay $2.8 million in bonuses to its employees. The company intends to retain its employees and continue operations through its Key Employee Retention Program (KERP).