Celsius Debtors Plan to Sell All Altcoins: Which Coins May Be “Dumped”?

According to a June 14 filing disclosed by The Block, pending court approval, Celsius Debtors plans to convert all customers’ altcoin holdings into Bitcoin and Ethereum (except those in Custody and Withhold accounts), with sales to begin on July 1.

According to a document disclosed by The Block on June 14, Celsius Debtors plans to convert all customers' altcoin holdings into Bitcoin and Ethereum (except those in Custody and Withhold accounts) pending court approval. Sales will begin on July 1.

The document also states that the conversion will not affect any creditor’s claims and that the debtor will maximize the conversion of cryptocurrencies as much as possible.

The debtor said that, except in limited circumstances, the overall plan will include cryptocurrency payments to creditors in the form of Bitcoin and Ethereum. Updates on the token conversion will be included in the monthly budget and cryptocurrency reports.

So what currencies are involved in the above-mentioned altcoin holdings, and what are the amounts?

According to the document, excluding stablecoins, Bitcoin, Ethereum, and mirror currencies of the above currencies, the top five altcoins with a book value of more than 10 million US dollars are:

• CEL: valued at approximately $70.5 million

• MATIC: valued at approximately $51.8 million

• ADA: worth approximately $26.2 million

• LINK: valued at approximately $17.3 million

• LTC: valued at approximately $14.4 million

It is worth noting that although the token with the highest book value is its own CEL, a certain proportion of its tokens are locked tokens and its holdings even exceed the current circulation volume, so there should be a large gap between the actual circulation value and the current book value.

The details are as follows:

 Image via @apes_prologue

However, this proposal has not yet been explicitly approved, and the specific method of conversion to Bitcoin and Ethereum is unknown, and may not have a practical short-term impact on the market.