According to Ferraro, since its last filing on July 29 Celsius has spent $40 million of its cash balance primarily on building out its mining site in Texas and on payroll. This week, the federal court presiding over Celsius’ bankruptcy proceedings approved the firm’s resumption of selling its mined bitcoin (BTC) to help pay operating costs. In July, Celsius mined $8.7 million worth of bitcoin, but the company’s operational and capital costs for the month exceeded those earnings.
- Bankrupt Crypto Lender Celsius Now Says It Likely Has Enough Cash to Last Through End of Year
Written by Bankerage Published on August 19, 2022