Celsius announced that they have the resources to continue their operations until the end of the year.
The bankrupt crypto lending platform Celsius Network has announced that it has sufficient funds to keep it operating until the end of the year.
Celsius May Sustain Operations Until the End of the Year
Chris Ferraro, CFO of crypto lending platform Celsius Network, has testified at the bankruptcy hearing.
According to the court filing of Kirkland & Ellis, the law firm that Celsius Network worked with in the restructuring process, the company’s funding was barely enough until the end of October. However, Ferraro announced at the hearing that it has secured additional funding with $61 million from Bitfinex and $20 million in savings from mining device taxes.
Ferraro said he expects Celsius’ cash flow to be positive again by early 2023.
Since its last application on July 29, Celsius has spent $40 million in cash on construction and salaries of its mining site in Texas, Ferraro explains. The federal court has approved Celsius to continue mining Bitcoin so it can pay its operating costs. Although the company issued $8.7 million in Bitcoin last month, the company’s operational expenses outstripped this gain.
