Embattled crypto lender Celsius is seeking permission from the U.S. Bankruptcy Court to sell off its stablecoins.
As the future of the company remains unclear, it is asking the bankruptcy court for permission to sell the stablecoins in its possession as a means of generating liquidity, according to recent court filings.
“The debtors, in an exercise of their reasonable business judgment, believe that the sale of their stablecoin consistent with past practice and in the ordinary course of business is an efficient way to generate liquidity to help fund the debtors’ operations.”
The company has about 11 different types of stablecoins, valued at about $23 million, in its possession, according to the court filings. A hearing on the request is scheduled for Oct. 6.