Goldman Sachs has been propositioned to broker a potential deal for Celsius’s assets in a bid worth $2 billion.
Cryptoassets are a highly volatile unregulated investment product.
Goldman Sachs Raising Money to Buy Celsius Assets
Celsius Network, a fintech platform offering interest-bearing savings accounts, announced on 12 June 2022 that it had paused withdrawals. Investors panicked amid Bitcoin’s price plummet, resulting in even more downside for the crypto market. But is the bottom in and could not be the time to buy Bitcoin?
Goldman Sachs has been approached to help broker a deal with Celsius to assist investors in raising $2 billion to buy assets. The deal would likely go through Goldman Sachs’ asset management unit, allowing investors to purchase Celsius’s assets at a lower price, even if the company stays solvent. Goldman Sachs would serve only as a broker in the potential $2 billion offer to acquire Celsius’s troubled assets.
A source stated that Goldman Sachs would not invest in or manage the acquired assets but would just serve as a broker. It appears that the investment firm is keen on brokering the deal as it plans to have a crypto trading desk, facilitating peer-to-peer crypto trades, and providing lending products to institutional investors.
Celsius had $12 billion in asset management in May 2022 and may be on the edge of bankruptcy. It has sought advice from Citigroup about a possible solution and could be looking to sell to crypto lender Nexo.
Cryptoassets are a highly volatile unregulated investment product.
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