Bankrupt crypto platform Celsius Network has shared some updates with the court about the progress being made across the company. According to Celsius’s projections, the company’s cash reserves will amount to around $95 million by year’s end.
By March 2023, the company anticipates a need for extra liquidity, over and beyond what can be raised via the sale of software company GK8 and stablecoin. Following the recent sale of GK8, Celsius anticipates being able to operate until at least April/May of 2023.
Their coin holdings have a total value of around $2.6 billion as of November 25, 2022. More than $1 billion in ETH and stETH and over $630 million in BTC and WBTC are included in this total.
In addition to this, Celsius has developed a Key Employee Retention Plan (KERP) after consulting with advisors from outside the company. As the corporation continues to assess employee withdrawals prior to the stop, the KERP strategy for the company comprised around 59 workers at the time.
Since September 2022, Celsius has been working with the assistance of their advisors to carry out a marketing approach for its retail platform as well as its mining operation. Over 125 parties were approached by the advisors, 30 of which expressed interest in making a bid and signed non-disclosure agreements.
The firm asserts that it has received various proposals from interested parties, each of which proposes a unique combination of prospective business and transaction structures to buy the platform. Lastly, the firm that has now gone out of business claims that it is continuing to expand its mining activities, with a particular focus on cost management and improving operating efficiency.
