Galaxy Digital, Binance among potential buyers of Celsius

Crypto-blogger Tiffany Fong has published a list of potential Celsius buyers she received on Dec. 20. The secret bidders include Galaxy Digital, Binance, Bank to the Future, Cumberland DRW, and Novawulf.

Tiffany explains what took her so long to make the information public:

I refrained from sharing the bids publicly to avoid disrupting the bidding procedures or negatively impacting customer recoveries; however, in yesterday’s Celsius Network court hearing (1/24/23), Kirkland & Ellis attorney Ross M. Kwasteniet proclaimed the bids “have not been compelling.”

As you may have caught, at the last hearing, Celsius’ lawyers presented a new idea for how the company can emerge from bankruptcy: become a publicly traded company and create a new token to pay creditors.

Read more: Celsius may issue a new token to compensate creditors

Tiffany said she’ll not reveal the original documents in the blog post to keep her source secret. However, she did show some interesting details.

Binance is obviously the biggest name bidding on our assets, but Novawulf’s bid is particularly interesting in my opinion, because their bid seems to vaguely resemble Celsius Network’s newly-proposed restructuring plans… thoughts? 

For example, Binance offered $15 million for Celsius’ assets, with $12 million going to Celsius’ estate and $3 million distributed pro rata to users. Binance sought to acquire all liquid and certain illiquid crypto at a fair market price and transfer them to its platform.

Galaxy Digital also offered to acquire all illiquid and staked Ether assets for approximately $67 million to act as a “stalking horse bidder” for selling these distressed assets.

Bank to the Future has also submitted an offer proposing to return all liquid crypto assets and collateral to creditors on a pro-rata basis, with Bank to the Future taking over the management of the assets.

Simon Dixon, CEO of BttF, confirmed the info:

According to Fong, all of these bids were submitted in November. Interestingly, no one from Celsius knew about them, not even high-ranking people, not to mention the company’s creditors.

As the decision to sell Celsius assets appears to be drying off, Tiffany shared with Cointelegraph that creditors deserve transparency and all rights to see the bids for those assets they have deposited on the platform.

The other companies mentioned haven’t commented on Tiffany’s findings.


  • Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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