We were engaged by Celsius to manage the community part of their $750m Series ‘B’ funding round. During the due diligence process, questions around liquidity and solvency issues arose. Celsius are unable to communicate and we would like to represent the community with all our influence.

Bnk To The Future Capital and our CEO Simon Dixon, as both depositors and shareholders, have committed to do what we can within our power to find a good solution for Celsius depositors and shareholders. We have done it before successfully with other companies and we can do it again. Celsius was a partner to Bnk To The Future. We are a shareholder and Simon Dixon was one of their top depositors using a small percentage of his wealth. See our blog post here. 

To do this successfully we need the community to make this happen. We have already started working with other companies who have trusted us to assist them on a recovery plan and we have already spoken with the Celsius board.

Bnk To The Future Capital SPC holds over 5% of Celsius shares and therefore we believe that this allows us to call a shareholder meeting as part of our statutory shareholder rights that legally cannot be ignored by the Celsius board.

This is our opinion and should not be treated as legal advice.

Proposal #1:  A restructuring to relaunch Celsius and allow depositors to benefit from any recovery through financial engineering. 

This involves risks and full recovery of funds is not guaranteed. 

Proposal #2: A pool of the most influential whales in Bitcoin to co-invest with the community. 

See the previous series A fund raise that we completed for Celsius here.

We completed a similar disaster recovery offering for Bitfinex in 2016. See case study video here.

Proposal #3: An operational plan that allows a new entity and team to rebuild and make depositors whole. 

This involves risks and full recovery of funds is not guaranteed. 

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Approach #1: We took a step back and silently gave the strategy to Celsius TradFi advisors to execute with a timeline on how fast it should happen.

Approach #2: We offered to execute it for them externally but they wanted us to work internally with their team. We believe acting independently is more likely to produce a better result for depositors and shareholders.

Approach #3: Finally we went public, worried that time was running out, and now want to hear from the community before we request our shareholder meeting to Celsius.

Belief #1: We believe all attempts should be made to make depositors whole in order to maintain shareholder value.

If depositors are not reasonably satisfied, then shares maybe worthless.

Belief #2: We believe that TradFi may seek to profit from depositors’ losses, may take too long, and may lack the experience to use financial innovation.

We want to apply pressure to put #DepositorsFirst (we believe satisfied depositors is most likely to lead to valuable shares), and we want to use our track record in deploying financial innovation as a fellow depositor and shareholder.

We are in this together.

Belief #3: We believe that business-as-usual will not exist in the yield market in the future. 

Celsius services are likely to be a high risk security and not a low risk savings account. 

The future of yield will be securities with risk disclosures, suitability tests and investor protections.

Bnk To The Future already invested 2 years in producing what we believe is a security law compliant vehicle for investing in yield. This has been beta tested with Celsius already.

We have three paths to recover encompassing all three beliefs about the future of yield. 

If the end result is that we push for a better solution for depositors that competes with our proposal and it is executed by somebody else, we are happy. As long as depositors are put first we are here to serve. 

There is a fiduciary duty to take the best proposals forward. 

We want to hear your input and the entire Celsius community. 

#DepositorsFirst 
(We believe satisfied depositors is most likely to lead to valuable shares). 

If you want notifications or want to participate in future recovery plan proposals and share your opinions, please complete the form below.