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Celsius

By The Numbers: The $1.2 Billion Hole In Celsius’ Balance Sheet

Best Owie
by Best Owie
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Celsius Network had its first limited withdrawals back on June 13th, and it had taken about one month from that point for the company to finally come forward and file for bankruptcy. It put an end to the speculation in the market regarding the solvency of the company. In the end, the Chapter 11 bankruptcy confirmed information that had been circulating on the internet for more than a month, and that is the $1.2 billion hold on the platform’s balance sheet.

Where Did The Money Go?

As more information has come out due to the bankruptcy filing, crypto investors are starting to see inside the abyss that is Celsius. Most of the reports had really just confirmed what those in the space had already suspected, but the documentation coming out tends to answer one question, and that is where the money went.

Related Reading | Bitcoin’s Recovery Signals The Start Of A Bull, But Is The Bottom Really In?

The bankruptcy filings show that Celsius has a large $1.2 billion on its balance sheet, which was customer liabilities on the part of the company. In total, there is $5.5 billion owed to users who deposited their cryptocurrency on the platform and only $4.3 billion in assets. The filings also show that of this, there is $600 million that is tied to the official token of the Celsius platform, CEL. Another $720 million was tied to the mining arm of the branch. 

Other reports coming out of the space show that the lending platform has also been one of the creditors of Three Arrows Capital, which is currently undergoing liquidation proceedings.  The only cash at hand for the company was reported to be $167 million, which the company plans to use to carry out its proposed reorganization once it is done with its Chapter 11 bankruptcy filing.

Celsius

$1.2 billion hold found in Celsius balance sheet | Source: Arcane Research

Will Celsius Users Recoup Their Funds?

There is still a lot of speculation in the space regarding if and when Celsius users may be able to get their money back. Chapter 11s are one of the bankruptcy filings that can ensure that users will at least get a portion of their deposited crypto back. However, they are notorious for taking quite a long time to complete compared to Chapter 7s.

Going by other cases in the crypto market where platforms had had to refund users, it could very well take a couple of years for the users to get their money back. Even then, they might not get all of it back.

Celsius (CEL) price chart from TradingView.com

CEL price recovers to $0.8 | Source: CELUSD on TradingView.com

As for Celsius, in their filing, they outline ways they planned to make users whole once more. Through its mining arm, Celsius plans to increase its bitcoin production capacity to 15,000 BTC yearly by 2023 and will use the proceeds to pay customers.

Related Reading | Celsius Network Lawyers Argue That Users Have No Right To Their Crypto

However, given that Celsius is $1.2 billion deep, a production rate of 15,000 BTC yearly would still take the company several years to pay off all of its depositors, especially if the markets continue to struggle as they have been.

Featured image from PYMNTS.com, charts from Arcane Research and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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