Celsius Proposes to Sell All Altcoins from Customers and Convert to $BTC and $ETH

Bankrupted crypto lender Celsius has submitted a revised bankruptcy filing to a New York bankruptcy court following its acquisition by the Fahrenheit crypto consortium. The revised filing is currently awaiting approval from the court. Celsius filed its reorganization plan on June 15, outlining its strategy for restructuring.

As part of the revised plan, Celsius intends to convert all altcoins held by customers, excluding "Custody and Withhold accounts," into Bitcoin (BTC) and Ether (ETH) starting from July 1.

This would lead to total sell pressure of $218.2M for the alts and $218.2M buy pressure for BTC & ETH, according to Digital Asset Research company ASXN. Number of coins is based on their balance sheet from the 28th of April, the USD amounts are based on current prices.

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