Celsius Network, a cryptocurrency lending firm, is proceeding with asset liquidation as part of its restructuring plan following its 2022 bankruptcy. The company recently transferred approximately $25.7 million worth of Polygon’s MATIC tokens, totaling 34.09 million units, to the crypto exchange Binance. This move is part of a larger sell-off where Celsius deposited $44.5 million worth of MATIC to Binance within just two days.
According to on-chain data provider Spot On Chain, Celsius Network holds crypto assets worth $169.72 million. These assets are expected to be gradually liquidated as part of the company’s restructuring efforts. The largest portion of Celsius’s assets is in its own token, CEL, amounting to 652.23 million units valued at $123.44 million.
In addition to CEL, the bankrupt firm’s holdings include $24.49 million in Ethereum (ETH), $15.73 million in USD Coin (USDC), $1.46 million in Chainlink (LINK), and $1.26 million in MATIC. Other cryptocurrencies such as USDT, PAXG, AAVE, DAI, and UNI are also awaiting liquidation, representing hundreds of thousands of dollars in value.
Celsius Network’s strategy for financial restructuring involves liquidating its assets to repay creditors. The agreed-upon payments are to be made in Bitcoin (BTC) and Ethereum, highlighting the approach the company is taking to manage its financial recovery post-bankruptcy.