Celsius's Successor Aims To Revive Crypto Lender: What Does That Mean For Creditors?
Portfolio Pulse from Murtuza Merchant
The potential successor to the defunct cryptocurrency lender, Celsius (CRYPTO: CEL), plans to restart the business with an initial funding of up to $450 million in cryptocurrency, pending court approval. The entity, temporarily named NewCo, aims to commence reimbursement to clients with assets locked following Celsius's downfall in June 2022. The investment group Fahrenheit will oversee NewCo's operations and has pledged an investment of up to $50 million for an equity position in the venture. NewCo also plans to be publicly traded on the Nasdaq.
October 03, 2023 | 6:37 pm
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NEUTRAL IMPACT
Bitcoin (CRYPTO: BTC) was part of Celsius's assets that were acquired by Fahrenheit. The distribution of Bitcoin to the creditors could potentially impact its market dynamics.
The distribution of Bitcoin to the creditors could potentially increase the supply of Bitcoin in the market, which could impact its price. However, the exact impact would depend on the amount of Bitcoin distributed and the market conditions at the time of distribution.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Ethereum (CRYPTO: ETH) was part of Celsius's assets that were acquired by Fahrenheit. The distribution of Ethereum to the creditors could potentially impact its market dynamics.
The distribution of Ethereum to the creditors could potentially increase the supply of Ethereum in the market, which could impact its price. However, the exact impact would depend on the amount of Ethereum distributed and the market conditions at the time of distribution.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Celsius (CRYPTO: CEL) is planning to restart its business under the name NewCo, with an initial funding of up to $450 million in cryptocurrency. This could potentially impact the price of CEL.
The news of Celsius restarting its business could potentially increase investor confidence in CEL, leading to an increase in its price. However, the exact impact would depend on the success of the restart and the market conditions at the time.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100