Celsius Network names Galaxy Digital winning bidder for GK8 assets

By Sarah Lizee

Olympia, Wash., Dec. 5 – Celsius Network LLC named Galaxy Digital Trading LLC the winning bidder for its GK8 assets, according to a notice filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

GK8 is a cryptocurrency custodian bought by Celsius in 2021.

The total consideration under Galaxy’s bid includes assumed liabilities and a cash payment of $44 million.

No other bids were received, so an auction previously scheduled for Dec. 2 was canceled.

A sale hearing is scheduled for Dec. 8.

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

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