Recently released documents have revealed that at least five firms, including Binance, Bank To The Future, and Galaxy Digital, are vying for a piece of the pie from Celsius ‘s crypto asset sale. It comes as no surprise after the Terra debacle that left Celsius in dire straits – but it looks like they’re bouncing back with these new developments!
5 Big Companies Take Action for Celsius’s Crypto Asset
In December, Tiffany Fong, a renowned crypto-blogger, released reports on Celsius. She had withheld these documents originally in order not to interfere with the auction process. Allegedly, firms such as Binance, Bank To The Future, Galaxy Digital, Cumberland DRW, and NovaWulf were amongst those that submitted bids last November 2022; however, most of them have now withdrawn their proposals.
According to Fong, Binance offered a generous bid of $15 million for the assets: specifically allocating $12 million to Celsius estate holders and providing an additional $ 3 million divided among migrated users proportionally. Moreover, their Summary Term Sheet has clarified that they plan on acquiring any liquid or illiquid crypto at its fair market value, so it can be transferred onto their platform.
In a bid to become the “designated stalking horse bidder,” Galaxy Digital seeks to acquire all illiquid and staked Ether assets for roughly $67 million. On the other hand, Bank To The Future’s plan includes an obligation to return liquid crypto assets and collateral to creditors in proportion under its management.
Terra Hit Celsius Hard
Initially, after Terra‘s market collapse caused the company to face a significant financial loss, it filed for bankruptcy and began restructuring. Unfortunately, the offers that were presented during this period failed to meet expectations – according to lawyers of the bankrupt firm.
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