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Celsius Granted Permission To Convert Non-BTC & Non-ETH Cryptocurrencies

July 2, 2023
in Business
Celsius Granted Permission To Convert Non-BTC & Non-ETH Cryptocurrencies
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July 1, 2023 by Ammar Raza

In a recent development, Celsius Network LLC, a prominent cryptocurrency platform, has been granted the authority to sell or convert non-Bitcoin (BTC) and non-Ethereum (ETH) cryptocurrencies into BTC or ETH. This decision comes into effect on or after July 1, 2023, according to court documents.

Celsius’s Cryptocurrency Holdings

Celsius currently holds a significant amount of various cryptocurrencies, including $70.5 million worth of CEL, $51.8 million in MATIC, $26.2 million in ADA, $17.3 million in LINK, $14.4 million in LTC, and more. 

With the court’s approval, the company will be able to convert these holdings into BTC or ETH, enhancing its flexibility in managing its cryptocurrency assets.

The court document, titled “Amended Stipulation and Agreed Order Between the Committee of Unsecured Creditors and the Debtors Regarding Conversion of Altcoins,” outlines the agreement between Celsius Network LLC and the official committee of unsecured creditors. 

The document highlights that the debtors filed a voluntary petition for relief under Chapter 11 of the United States Code in July 2022. Since then, they have been operating as debtors in possession.

The court-appointed committee of unsecured creditors has played a crucial role in facilitating this development. The committee, consisting of seven account holders of Celsius, was appointed by the United States Trustee on July 27, 2022. Together with the debtors, they have negotiated and agreed upon the terms mentioned in the court order.

This order builds upon previous rulings, such as the Cash Management Order and the Security Stipulation. The Cash Management Order, issued on October 21, 2022, authorized Celsius to manage its cryptocurrency assets while maintaining its cash management system. 

The Security Stipulation, issued on November 2, 2022, established a security framework for managing the debtors’ cryptocurrency assets.

The approval to sell or convert non-BTC and non-ETH cryptocurrencies aligns with Celsius Network’s preparation to file an amended Joint Chapter 11 Plan of Reorganization. 

This plan, which is expected to be filed in the coming weeks, outlines the distribution of cryptocurrency assets to creditors. The company has engaged in constructive discussions with the Securities and Exchange Commission (SEC) and state regulatory agencies to ensure compliance with relevant laws and regulations.

To maximize the value of the altcoins to be sold or converted, Celsius will exert commercially reasonable efforts.

Moreover, in compliance with applicable exemptions to U.S. securities laws, including SEC Rule 144, the company intends to sell or convert tokens in a manner that upholds regulatory compliance. It also plans to file necessary state law “blue sky” filings for relevant token sales.

It’s important to note that this court order does not definitively determine whether crypto assets or transactions involving them are considered securities under U.S. securities laws. The SEC reserves the right to challenge such transactions on any basis.

The court’s approval of this stipulation and order allows Celsius Network LLC to proceed with its strategic plans while adhering to regulatory requirements. 

However, by leveraging the ability to sell or convert non-BTC and non-ETH cryptocurrencies into BTC or ETH, Celsius aims to optimize its cryptocurrency holdings and enhance its operational capabilities.

Related Reading | OKX Beat Market Odds To Ink $70M Deal With Manchester City

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