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?
Now, Goldman Sachs has been propositioned to broker a deal with Celsius to help investors raise $2 billion for the purchase of assets. It seems that the deal would happen via Goldman Sach’s asset management unit enabling investors to buy Celsius’s assets at a discount, even if it remains solvent. Gold Sachs would act only as a broker in the potential $2 billion bid to acquire Celsius the distressed assets.
A source claimed that Goldman Sachs wouldn’t invest in or oversee the acquired assets but merely act as a broker. It seems that the investing firm became interested in brokering the deal since it intends to own a crypto trading desk, providing peer-to-peer crypto trades, and offering 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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This article was written for Business 2 Community by James Spillane.
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