New Coin report by Celsius network shows a balance gap of $2.5 Billion
The Celsius network recently released it’s coin report which details the status of the assets of the company.
Celsius network valuing assets with the current market prices
The report made public by Celsius network gives a sneak peak into the overall condition of its assets. The report revealed that the total assets under management of Celsius network is valued around $3.6 Billion. Apart from this the total liabilities shown by Celsius network was valued around $6.1 Billion.
On analysis of these monthly reports it will come under notice that there is a $500 million drop in liabilities while the assets show a drop around $200 million as compared to figures released in August.
The drop in value directly coincides with the drop in market values of the digital currencies in the broader cryptocurrency market. The portfolio of Celsius Networks consists of around more than 25 cryptocurrencies thus the drop in the value is due to the drop in assets.
Some of the cryptocurrencies under it’s management are Bitcoin, Ether,USD Coin and the native CEL token.
A majority of these assets under the management of Celsius Network have been seeing massive price fluctuations in the ongoing Crypto winter. This has affected the entire market in such a manner that even coins with strong fundamentals such as Bitcoin have lost around half of their value from the price high they had achieved recently.
The report showed that the most longest negative position was Bitcoin with a $1.8 Billion deficit. Apart from that the ETH holdings were also moving in red for an average around $985 million. The USDC holdings on the balance sheet also showed a balance gap of around $666 million.
Apart from that the report translated the fact that the Celsius Network is also short on various other coins such as Polkadot, Cardano and Polygon.
But the CEL assets of Celsius network have been valued at around $930 million and its total liabilities have been averaged around $394 million. This has directly resulted in a direct positive balance of around more than $530 million.
Apart from this the Celsius network plans to reinvent the whole organization after the bankruptcy. The rebranding will focus on changing the nature of the organisation from a crypto lender to a custodian in the market which will focus on storing the digital assets of users.
