Celsius Files for a Court Approval to Sell Its Stablecoin Holdings

by in Cryptocurrency News

Celsius Network stablecoin holdings

Bankrupt cryptocurrency lender Celsius submitted a filing with the aim to receive a court approval to sell its stablecoin holdings to receive liquidity that will help fund operators. A court filing discloses that Celsius owns 11 forms of stablecoins worth around $23 M.

Related: Celsius Aims to Return Custody Clients' Funds

In a case, the judge approves the filing, the sum received by the sale would go mostly to pay for the operations of Celsius. Paying Debtors' back is part of an individual and proceeding actions, and the stablecoin sale is a constitutional property of the bankruptcy estate.

The filing says the Debtors keep owning stablecoins that must be monetized to execute operations in these Chapter 11 cases due to their price stability in comparison with other crypto types.

The hearing over the asset sale proposal is expected to happen on October 6 in New York.