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18-05-20242 min read
News - Celsius moves US$800 million to ETH
According to blockchaindata, Celcius, the bankrupt crypto lending service, has moved its Ethereum holdings. Coins worth about US$800 million are currently being prepared for staking.
According to Arkham Intelligence, an analyst firm specializing in blockchain data, Celsius wants to use Ethers to strike. Since June 1, the company has moved US$745 million in ETH to Figment's stake service. Figment specializes in staking for institutional investors.
Celsius is making moves to stake all the ETH they currently hold, representing movements totalling almost $1B in on-chain flows.
— Arkham (@ArkhamIntel) June 2, 2023
Over the past 24 hours, they have staked over $600M of ETH, with their rate of deposits showing no sign of slowing. 👇 pic.twitter.com/8bW3xB15UH
Last month, Celsius already released a "smaller batch" of 41,000 ETH for staking. According to Arkham, the bankrupt lending service is now staking almost all of its Ethereum holdings. Current book value: more than a billion US dollars. Celsius is currently in the middle of bankruptcy proceedings. The cryptoconglomerate Fahrenheit is making a takeover bid. This would include the Ethereum assets.
Meanwhile, the queue for people who want to stake Ethereum is growing. Currently, it takes 44 days to sign up. After some sell-off speculation in the run-up to Ethereum's Shanghai update, a queue to strike has actually emerged.
