Celsius Submits Court Application to Convert Part of Cryptocurrency to BTC or ETH

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Failed crypto asset (virtual currency) lending company Celsius Network filed a new petition in bankruptcy court on the 14th.

In the document, we wish to exchange all virtual currencies unrelated to accounts of “Custody” and “Withhold” services into Bitcoin (BTC) or Ethereum (ETH). If approved by the court, the exchange will begin on July 1. The exchange did not affect the claims of creditors.

Celsius, which filed for Chapter 11 bankruptcy in July last year, is still working to rebuild. He explained that the purpose of this application is to maximize the value of altcoins by exchanging them for Bitcoin and Ethereum.

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The plan also includes, with exceptions, the distribution of debtor cryptocurrencies to creditors in Bitcoin or Ethereum. And we will report monthly so that we can see the amount of altcoins exchanged for Bitcoin and Ethereum.

It states that the deadline for court approval is 28 days and the deadline for disapproval is 26 days.

Holdings and quantity

Celsius reports his assets to the court about once a month. At the time of writing this article, the document dated May 16 is the latest. The document lists assets held as of March 31.

Other than Bitcoin and Ethereum, the altcoins held are brands such as Polygon (MATIC), Ada (ADA), and Polkadot (DOT). Withhold’s assets are not specified, but the holdings of the three stocks mentioned above are as follows. Amounts are shown in US dollars.

• MATIC: $100 million (including assets under custody: $6.3 million)
• ADA: $41.2 million (including assets under custody: $2.9 million)
• DOT: $11.5 million (including assets under custody: $900,000)

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