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Galaxy Digital Blocked by Judge from Immediately Acquiring Celsius Unit

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Alex Dovbnya

Mike Novogratz’s deal to buy Celsius’s GK8 has been paused by a bankruptcy judge

Bankruptcy Judge Martin Glenn has decided to put off the sale of GK8 to Mike Novogratz’s Galaxy Digital, Bloomberg reports

The judge said that he was inclined to greenlight the deal. However, attorneys will have to file additional information. 

Glenn took issue with a provision that may transfer legal claims to the buyer. There is still uncertainty regarding the value of those claims. It should be noted that the legal claims in question have very little value, which is why they are not expected to hold up the process. 

As reported by U.Today, Galaxy Digital agreed to acquire the Israeli self-custody platform for $44 million. Celsius forked out as much as $115 million to purchase the firm last year. The deal includes a 40-strong team and a Tel Aviv-based office.   

On Thursday, the bankruptcy judge also ordered Celsius to return roughly $44 million worth of crypto. The sum represents only a portion of customers’ money held by the failed crypto lending firm. Only those clients who never used Celsius’s interest-bearing lending service will be able to get all of their funds back. 

Celsius filed for bankruptcy in July after halting withdrawals. It turned out that the troubled lending company had a $1.2 billion hole in its balance sheet.

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