Celsius set to burn $137.2M in 3 months as bankruptcy proceedings continue

Celsius set to burn $137.2M in 3 months as bankruptcy proceedings continue

Share

🤗 100% Fact

Celsius set to burn $137.2M in 3 months as bankruptcy proceedings continue

CryptoSlatea month ago
EthereumEthereum
CelsiusCelsius
USD CoinUSD Coin
Wrapped BitcoinWrapped Bitcoin
BitcoinBitcoin
Published on August 15, 2022 16:51 GMT+00:00edited on August 16, 2022 12:54 GMT+00:00

Share

Embattled crypto lender Celsius filed for Chapter 11 bankruptcy in July and filed new documents in court on Aug. 14, detailing its budget for August through October.

According to court documents, Celsius expects its net cash flow to turn negative to the tune of $137.21 million in the three months ending in October.

Huge operating expenses, which add up to $85.37 million for the period, are the major contributor to the negative cash flow. Of this $85.37 million, the lender has allocated around $13.95 million toward paying employees till October. Another $57.27 million is dedicated to hosting expenses related to mining activities.

Additionally, the documents showed that Celsius also expects to spend around $33.48 million on restructuring activities alone by the end of October.

As a result …