The judge overseeing the cryptocurrency loan company Celsius’ bankruptcy proceedings has given the go-ahead for Celsius to start liquidating its significant interests in Cardano (ADA), Polygon (MATIC), Solana (SOL), and a few other altcoins on July 1.On November 25, 2022, according to court records from last December, Celsius held control of 106,000 AAVE, 90 million MATIC, 103 million ADA, 161,000 SOL, 3.3 million LINK, 1.8 million polkadot (DOT), 200,000 litecoin (LTC), and 200,000 LINK.It was unclear how much of those assets were to be excluded from the sale as well as the company’s current holdings in those assets.
At the time of publication, the total value of those positions exceeded $170 million.Along with 650 million of its own CEL tokens, Celsius also holds millions more in stablecoins. According to Coinmarketcap, that tranche has a notional value of about $100 million, but it wasn’t obvious whether Celsius could sell its original asset. But now that bankruptcy judge Martin Glenn has given the go-ahead, Celsius will soon start selling off a lot of its holdings in favor of bitcoin and ether, the two assets that will finally be awarded to creditors who have been waiting almost a year for their money back.
Celsius “may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that are associated with Withhold or Custody accounts to BTC or ETH commencing on or after July 1, 2023,” Judge Glenn’s ruling said.