Debtors for crypto lender Celsius Network have the authority to sell coupons for mining firm Bitmain coupons worth roughly $7.4 million following a ruling from a bankruptcy judge.
In a Feb. 16 court filing, United States Bankruptcy Judge Martin Glenn said it was in the “best interests of the Debtors’ estates, their creditors, and other parties” to allow Celsius debtors to sell their Bitmain coupons. The judge’s ruling does not require the debtors to liquidate the holdings in question, but they would need the consent of the committee of unsecured creditors.
Christopher Ferraro, interim chief executive officer of Celsius, claimed in a Feb. 9 declaration that the debtors expected to sell the Bitmain coupons for roughly $7.4 million. According to the interim CEO, the coupons allowed interested parties to buy Bitmain mining rigs with a 10% to 30% discount on future purchases.
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