Celsius Network gets court approval to continue selling mined Bitcoin

By Sarah Lizee

Olympia, Wash., Aug. 17 – Celsius Network LLC received approval to continue monetizing the Bitcoin generated from its mining activity on a post-petition basis, according to an order filed with the U.S. Bankruptcy Court for the Southern District of New York.

The mined Bitcoin will be sold for cash at arms-length to unaffiliated third parties.

The debtors said in their motion that they believe that the continued monetization of its mined Bitcoin is an efficient way to generate liquidity to help fund the debtors’ operations.

The official committee of unsecured creditors had objected to the motion, and said it has “significant questions” regarding how the debtors operated their businesses prepetition.

However, the objection was withdrawn after the company provided further information about its finances and budget.

The Hoboken, N.J.-based cryptocurrency lending platform filed bankruptcy on July 13 under Chapter 11 case number 22-10964.

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