Celsius, a crypto lending company, has been given the green light by a bankruptcy judge to begin selling its major holdings in Cardano (ADA), Polygon (MATIC), Solana (SOL) and other altcoins on July 1. According to court documents from December, Celsius held 90 million MATIC, 103 million ADA, 161,000 SOL, 3.3 million LINK, 1.8 million Polkadot (DOT), 200,000 Litecoin (LTC) and 106,000 AAVE on November 25, 2022. These positions were worth over $170 million at the time. The company also holds millions of dollars in stablecoins and 650 million of its own CEL token, which is worth nearly $100 million.
Bankruptcy Judge Martin Glenn’s ruling means that Celsius will soon begin exiting many of its positions in favor of Bitcoin and Ether, which will be distributed to creditors. Judge Glenn’s ruling stated that Celsius may sell or convert any non-BTC and non-ETH cryptocurrency, crypto tokens, or other cryptocurrency assets other than such tokens that are associated with Withhold or Custody accounts…to BTC or ETH commencing on or after July 1, 2023.