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Goldman Sachs Looks to Raise $2 Billion to Buy Celsius Network's Assets, CoinDesk Says

-- Goldman Sachs Group Inc. is looking to raise $2 billion from investors to buy up distressed assets from Celsius Network LLC, CoinDesk reported, citing two people familiar with the matter.

-- The proposed deal would allow investors to buy up Celsius' assets at potentially big discounts in the event of a bankruptcy filing, the report said. The Wall Street Journal reported earlier Friday that the crypto lending platform hired restructuring consultants from advisory firm Alvarez & Marsal to advise on a possible bankruptcy filing. The company also engaged law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible restructuring options, the Journal reported earlier this month.

-- Goldman Sachs appears to be gauging interesting and soliciting commitments from Web3 cryptocurrency funds, funds specializing in distressed assets and traditional financial institutions with cash on hand, CoinDesk reported.

-- Celsius, which said it had $11.8 billion in assets as of May and has 1.7 million users, froze withdrawals, swaps and transfers earlier this month because of extreme market volatility. The value of its assets has fallen from about $25 billion in October, the Journal reported.


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(END) Dow Jones Newswires

June 24, 2022 17:01 ET (21:01 GMT)

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