Goldman Sachs eyeing Celsius Network assets buyout, say sources
Celsius Network Assets
Modified Date:- Published Date:-Categories: Cryptocurrency
It is no secret that Celsius Network has been under immense financial and regulatory pressure. The downturn in the broader crypto market has surrounded several yield-generating platforms that offer investors attractive interest payments on their crypto deposits, including Celsius Network. Sources close to the matter say Goldman Sachs is interested in buying Celsius assets at a steep discount to the market value when the platform files for bankruptcy.Specifically, Goldman Sachs is anticipating interest and solicitation commitments from Web3 crypto funds, funds specializing in distressed assets, and traditional financial institutions with more than enough cash. In addition to hiring Alvarez and Marsal, Celsius has utilized the services of restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld. It is worth noting that Citigroup, another investment banking titan, has been listed by Celsius to advise on potential solutions, including evaluating a proposal from rival crypto-asset lender Nexo. People close to the matter said both Citigroup and Akin Gump have recommended the Celsius file for bankruptcy.Earlier, rival crypto lending platform Nexo had placed a takeover bid for Celsius. Following the Celsius price crash, Nexo announced that it is in a strong liquidity and equity position to acquire any remaining eligible Celsius assets. Nexo spoke specifically about Celsius' collateralized loan portfolio, which has been under a lot of pressure as stakes Ethereum (STETH) were de-pegged.
Crypto market, Celsius Network ,Goldman Sachs, Cryptocurrency, Crypto Funds, Crypto Deposits, Ethereum, Citigroup