Celsius is allowed to convert non-Bitcoin and non-Ethereum tokens to BTC or ETH starting on or after July 1, 2023.
In a statement, Bankruptcy Judge for the Southern District of New York Martin Glenn announced that Celsius had approved the sale of tokens that were determined to be securities after discussions with the SEC.
Celsius holds $70.5 million worth of CEL, $51.8 million worth of MATIC, $26.2 million worth of ADA, $17.3 million worth of LINK, $14.4 million worth of LTC and more.
In Glenn's decision, Celsius may “sell or convert non-BTC and non-ETH cryptocurrencies, crypto tokens, or other crypto assets other than such tokens associated with Withhold or Custody accounts, to BTC or ETH beginning on or after July 1, 2023.”
Celsius, which went bankrupt in July 2022 and whose sale to crypto consortium Fahrenheit was approved in May, says it is preparing an updated bankruptcy plan that will not include the distribution of cryptocurrencies to creditors other than BTC or ETH, with limited exceptions.
Celsiun's holdings are:
- CEL – 660,348,000
- MATIC – 91,630,000
- LINK – 103,065,000
- DOT – 1,832,000
- LTC – 197,000
- AAVE – 106,000
- BCH – 53,000
- FTT – 439,000
- UNI – 864,000
- LEFT – 145,000
- XLM – 47,851,000
- BNB – 19,000
- EOS – 3,119,000
- SRM – 5,567,000
*Not investment advice.