BnkToTheFuture Offers Save Celsius

over 2 years ago

The story of Celsius continues to fascinate those in the bitcoin and shitcoin space, as a multi-billion dollar CEFI company shuts its withdrawals and looks like it's edging closer to bankruptcy every day.

As Celsius customers sweat regarding the possibility of never getting the funds back, the company is looking for a way to plug the hole in its balance sheet. To honour redemptions while avoiding a bank run. A proposition that is not an easy feat considering the position they find themselves in.

Nexo took the first shot

After smelling blood in the water and the chance to pick up new customers and an asset book on the cheap, Nexo offered to purchase Celsius's current book and take over their assets, but Celsius refused to claim they had other options and enlisted Citi Group to go around looking for funding.

FTX was next

Next up was FTX, reports this week that Sam Bankman-Fried’s crypto exchange walked away from a deal to purchase Celsius after finding a $2 billion hole in the company’s finances.

According to two unnamed sources close to the matter, FTX had entered talks with Celsius to either provide financial support or acquire the firm outright.

FTX is now looking to secure BlockFi under the same conditions, and with FTX having time, the longer they wait the better chance they can pick up Celsius even cheaper if no one comes up with a deal.

Now Bnktothefuture

Bnk To The Future Capital which holds over 5% of Celsius shares claims they can call a shareholder meeting as part of our statutory shareholder rights that legally cannot be ignored by the Celsius board.

Simon Dixon who heads up the investment fund has put forward 3 proposals to try and save the company.

“Proposal #1: A restructuring to relaunch Celsius and allow depositors to benefit from any recovery through financial engineering.”

“Proposal #2: A pool of the most influential whales in Bitcoin to co-invest with the community.”

“Proposal #3: An operational plan that allows a new entity and team to rebuild and make depositors whole.”

#DepositorsFirst Celsius Recovery Plan https://t.co/YkGy3N0Gwd
— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) June 30, 2022

Celsius claims they can salvage it on their own

In a blog post on Friday, Celsius stated that it is looking to stabilize its liquidity problems and once done it will be “positioned to share more information with the community.”

While the firm did not provide any details and it could all just be disaster management at this point to keep the PR FUD off their back.

How this unfolds, is anyone's guess, and it looks like the current board is looking for a deal where they still make out like bandits, which is what these new investors are not likely to accommodate.