Second Distribution By Celsius Network: Creditors To Receive Bitcoin Valued at $95,000 Each

Celsius Network has begun its second distribution of funds to creditors, totaling $127 million. This follows a previous distribution of around $3 billion and comes after a successful vote on the company's reorganization plan. The distribution targets eligible creditors impacted by Celsius's collapse and subsequent Chapter 11 bankruptcy filing. Funds were converted from cash to Bitcoin (BTC) for efficient distribution. Eligible creditors will receive approximately 60.4% of their claim value as of the petition date. The BTC distribution is based on a weighted average purchase price of $95,836.23. Discrepancies in initial distribution rates are being addressed in this second round. Celsius continues to navigate ongoing legal complexities that may impact some creditors' eligibility. Celsius's native token, CEL, is currently trading at $0.23, showing minimal gains despite recent market trends, and remains significantly below its all-time high.