Goldman Sachs is Raising $2 Billion to buy Celsius Network Assets

Goldman Sachs

Goldman Sachs, one of the largest financial institutions in the world, has started weighing the possibility of purchasing assets of an embattled crypto lending company, Celsius Network.

According to available information, Goldman Sachs is reportedly working on a $2 billion financial war chest geared towards the acquisition. 

If the deal falls through, it would likely happen at an incredibly discounted price especially if the company files for bankruptcy -a scenario that looks possible considering it just hired a new firm to advise it on the bankruptcy filing.

Reports have also emerged that Citigroup and Akin Gump have advised Celsius to file for bankruptcy.

Goldman Sachs has commenced an interest aggregation across the industry by identifying interested investors and gathering important commitments from them.

The sources added that Goldman Sachs has been targeting investors in Web3 crypto funds specializing in distressed assets and traditional financial institutions.

The majority of Celsius assets would most likely be cryptocurrencies that would be managed by the participating investors.

Celsius, before its issues, was one of the leading crypto lenders in the space with around $12 billion worth of assets under management and 1.7 million users.

As of press time, Goldman Sachs is yet to release a statement about this development.

Goldman Sachs Survey Shows Insurers Interest in Crypto

A Goldman Sachs survey has shown that insurers are warming to the idea of cryptocurrencies. According to the survey, 6% of the 328 chief investment officers and chief financial officers were invested or thinking of investing in crypto.

Mike Siegel, Goldman Sachs’ global head of insurance asset management and liquidity, said the survey shows the current thought of those in the industry.

In his words,

We had respondents that represented over $13 trillion worth of assets, which is about half of the global industry’s assets. So, we think that the survey is very representative of what the industry is thinking.