Celsius Given Green Light to Sell Bitmainland Coupons

02/16/2023 14:05 • NFT Newsflash • 137 views

It is reported that the bankruptcy judge Martin Glenn approved Celsius to sell Bitmainland discount coupons worth more than US $7 million. These assets provide 10% – 30% discount for the purchase of Bitmainland within a limited period of time, and can be sold to any bona fide third party, subject to the consent of the committee representing Celsius’ unsecured creditors. Glenn’s instructions did not include the request to sell Bitmain points, which were generated when the mining equipment was prepaid, and Celsius estimated that it could raise a further $7 million.

The bankruptcy judge approved Celsius to sell Bitland discount coupons worth more than $7 million

Interpret the above information:

The recent decision by bankruptcy judge Martin Glenn to allow Celsius to sell Bitmainland discount coupons worth more than $7 million provides insight into how companies in the cryptocurrency space are dealing with bankruptcy proceedings. Celsius will be able to sell these coupons to any third party, provided that the committee representing Celsius’ unsecured creditors has given consent. The coupon assets that Celsius has received provide a discount of 10-30% for the purchase of Bitmainland within a certain period, which is a strong incentive for potential buyers.

What is interesting, however, is that Glenn’s instructions did not include the request to sell Bitmain points, which were generated when the mining equipment was prepaid. In this aspect, Celsius has estimated that it could raise an additional $7 million from the sale of these points. From this, it seems that Carbos, the subsidiary of BGMC International in which Bitmainland and its mining equipment are assets, may have a greater value than initially expected.

What the decision by the bankruptcy judge highlights is that in the world of cryptocurrency and blockchain, there are many types of assets that can be bought and sold. These assets can be anything from cryptocurrency to prepaid points for the purchase of mining equipment. This opens up many more opportunities for investors and companies involved in the sector to find innovative solutions to financial troubles.

In summary, the ability for Celsius to sell Bitmainland discount coupons is an interesting development in the world of cryptocurrency and blockchain. It shows that companies are finding new ways to deal with bankruptcy proceedings, and that investors and creditors are becoming more knowledgeable about the types of assets that can be bought and sold in the sector. The need for consent from the committee representing Celsius’ unsecured creditors to sell the coupons highlights the importance of transparency and communication in such situations.

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Celsius Given Green Light to Sell Bitmainland Coupons

The bankruptcy judge approved Celsius to sell Bitland discount coupons worth more than $7 million

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