Celsius Moves $10 Million in Ethereum to Exchange Following Bankruptcy Plan Approval

cryptonews.com:

Crypto lending company Celsius has transferred over $10 million worth of Ethereum to an exchange on Wednesday, just 6 days after a judge approved the firm’s bankruptcy plan.

According to on-chain data tracked by Lookonchain, Celsius moved 5,160 ETH worth around $10.49 million to the institutional trading platform FalconX. The bankrupt company is currently transitioning to a new model under creditor ownership.

Celsius filed for bankruptcy back in July 2022 amid a wider downturn in the cryptocurrency market. Under the newly approved plan, Celsius will be converted into a crypto mining and staking firm called NewCo, which is expected to have a $1.25 billion balance sheet. A portion of this balance sheet will consist of liquid crypto assets that can be staked to generate yields.

We noticed that #Celsius transferred 5,160 $ETH ($10.63M) to #FalconX.

And #Celsius also transferred a lot of tokens to exchanges and #FalconX 5 days ago.

It seems that #Celsius wants to sell some assets with the rising prices.https://t.co/3gGOucC9gY pic.twitter.com/ILhpK0qLJy

— Lookonchain (@lookonchain) November 14, 2023

The transfer of Ethereum suggests Celsius may be looking to sell some holdings to raise capital as part of this transition. Ethereum prices have climbed nearly 70% since the start of 2023, recovering from the lows seen last year. The timing could allow Celsius to offload ETH at relatively favorable rates.

According to Lookonchain, Celsius has also recently moved various other tokens to exchanges like Binance and OKX. These include stablecoins, governance tokens like SPELL, and utility tokens like BAT. The bankrupt company seems to be liquidating parts of its portfolio across the board.

Last week, a judge approved a restructuring plan that