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According to a new filing with the U.S. Securities and Exchange Commission on Dec. 20, Bitcoin (BTC) miner Greenidge stated that it reached an agreement with its creditor, fintech firm NYDIG, to restructure approximately $74 million worth of debt. The deal, in the form of a non-binding term sheet, would
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During October and November, Greenidge burned through $8 million a month, of which $5.5 million went on NYDIG payments. It expects the same cash burn rate for December, which would put a significant hole through its remaining $22 million of cash and cash equivalents. Original Source
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Bankrupt crypto lender Celsius was granted an extension on its exclusivity period until Feb. 15, 2023. The court approval would give the troubled crypto lender another couple of months to file for a Chapter 11 restructuring plan.The approval to extend the exclusivity period came after two court hearings on Dec.
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Cryptocurrency lending firm Genesis Global Capital has reportedly hired a restructuring adviser to explore all possible options that include, but aren’t limited to, a potential bankruptcy. It is understood that the firm has hired investment bank Moelis & Company to explore options, while people familiar with the situation have stressed that
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The company has been in talks with existing lender Bifinity and other potential investors to raise capital, but has not been successful. Original Source
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The Twitter thread stresses SBF’s resignation from the exchange and affiliated companies. Source
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On Nov. 7, 2022, the bitcoin mining firm Core Scientific released the company’s October update after the company’s Form 8-K U.S. Securities and Exchange Commission (SEC) filing on Oct. 26, 2022. The filing noted that the company was in the process of exploring “restructuring its existing capital structure.” The update
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The move is part of a restructuring of several of Coinbase's groups. "In connection with Mr. Chatterjee’s resignation, Coinbase’s product, engineering and design teams are being reorganized within a product group structure under which the leaders of such groups will assume responsibility for Coinbase’s product offerings," Coinbase said in the
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"We are executing on the strategy we outlined during our second-quarter earnings announcement in August – to rapidly delever our balance sheet and enhance liquidity, and we are actively pursuing acquisitions of bitcoin miners at attractive prices to take advantage of the current distressed market while continuing to manage liquidity
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