Bankrupt crypto lender Celsius is hoping to raise more than $14 million by selling discount vouchers for mining company Bitmain before they expire as it seeks to restore funds to creditors.

The deal includes coupons that offer buyers of mining rigs a 10%-30% discount on future purchases from Bitmain, the maker of the Antminer range, as well as the credits that accrue when purchasers pay by instalment.

Celsius filed for bankruptcy in July last year as the crypto winter set in, and is now rushing to agree a wind-up plan that could include setting up a recovery corporation that offers creditors liquid crypto. The voucher sale proposal follows a similar deal by bankrupt bitcoin miner Core Scientific, which received approval from a judge in the Southern District of Texas on Feb. 1 to sell Bitmain coupons in an attempt to raise $1 million.

Celsius’ vouchers have a combined face value of over $48 million. The company reckons it can sell the coupons for $7.4 million and credits for $7 million on secondary markets, according to a statement by interim CEO Christopher Ferraro. The company said it was in discussions with six potential buyers for the coupons, sourced via mining broker Bitooda, Bitmain and Celsius’ own contacts.

(By Jack Schickler)