Crypto Lender Celsius Gets Fresh Start After $4.7B Bankruptcy, CEL Token Up 27%
Portfolio Pulse from Khyathi Dalal
Celsius's CEL token surged 27% following the confirmation of a reorganization plan by the U.S. Southern District of New York Bankruptcy Court. The plan allows for 67%-85% of holdings to be returned to creditors, with customers receiving about 25 cents per CEL token. The reorganization will be overseen by Fahrenheit Holdings, including Arrington Capital and U.S. Bitcoin Corp. Former CEO Alex Mashinsky was released on bond, with his trial set for September 2024. The new company, NewCo, will focus on mining and staking, with plans to stake Liquid Cryptocurrency on the Ethereum network. The upcoming Benzinga's Future of Digital Assets conference will discuss the positive investment trends in the crypto industry.
November 10, 2023 | 10:18 pm
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POSITIVE IMPACT
Celsius's CEL token experienced a 27% increase in value following the approval of a bankruptcy reorganization plan, indicating positive market sentiment.
The approval of the reorganization plan is a significant positive development for Celsius and its CEL token, as it provides a clear path forward for the company and its creditors. This has likely contributed to the surge in the token's price as investors regain confidence in the asset's future.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100