BlockFi gets green light to sell mining rigs

The competent bankruptcy court has given the insolvent cryptocurrency lender BlockFi permission to sell its own mining equipment in order to be able to pay its creditors.

Apparently, a Jan. According to a March 30 court document from the United States Bankruptcy Court for the District of New Jersey, the court determined that BlockFi's sale of the disputed mining equipment is "fair, reasonable, and reasonable given the circumstances.".

The court acknowledges that the goal of selling the physical assets is to increase the "realizable value" of the business.

It is safe to assume that BlockFi will make additional offers for assets in the near future now that it has been given permission to conduct an initial sell-off.

In this regard, the court document states that "all qualifying bids" must be received by one of the parties filed in the bankruptcy proceedings by February 20 at the latest.

The creditor representatives then have until March 16th to file an objection to each of the respective sales plans, which must be submitted to the court by March 2nd at the latest.

Potential bidders must send copies of their offers to all legal representatives of the creditors in order to be eligible to participate in the sales process.

The specific asset in which the bidder is interested must be identified, along with the purchase price being offered. Additionally, how the particular company will be financed must be specified.

The deadlines have been purposefully shortened, according to a January 31 Bloomberg report, in order to expedite the auction process given the current state of the cryptocurrency market.

Francis Petrie, a lawyer for BlockFi, reportedly told the court that the cryptocurrency company has already received a number of offers for various assets and that it is likely that more will come.

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