Bankrupt crypto lender Celsius has provided the Court with a brief update on their withdrawal process for certain eligible users and their mining business. Since reopening withdrawals for certain eligible Custody Account users on March 2, Celsius has handled approximately $21.2 million of completed and pending withdrawals.
Approximately 60% of the eligible user population has initiated a KYC reset. The vast majority of those have been processed and approved. Eligible users who have passed KYC account for $33M worth of custody assets.
Since the opening for withdrawals, 1,900 tickets have been opened for eligible users. Tickets are primarily for withdrawals needing additional review and customers coming back to the platform to ready their account for withdrawals (KYC/2FA/PIN, etc.).
Celsius has increased their gross margin due to higher BTC prices and has increased the number of rigs deployed since January. The average uptime is trending up due to lower electricity costs and higher BTC prices.
The number of rigs deployed decreased due to Core’s rigs being offline. Adjusted EBITDA recovered due to higher BTC prices. Celsius currently has $139 million of cash on hand, flat to the Petition Date. The net operating cash has been $119 million since the Petition Date.
The operating inflow includes a $48 million inflow from interest payments on investments and loans, $57 million from the selling of mined BTC, and $92 million from cash withdrawal from the exchanges and sales of stablecoins. The operating outflow includes $38 million of hosting fees for mining, $25 million for payroll and other account payables, and $14 million for other expenses.
Celsius has been making steady progress with their withdrawals process for eligible users and mining business, despite the challenges they have faced. The Court’s approval of their motion to extend exclusivity seems to be a step forward for the company as they work towards a resolution.
