As bankruptcy proceedings continue, Celsius is set to burn $137.2 million in three months

More On: CELSIUS

The overall liabilities of Celsius exceed its total assets by $2.84 billion, and the company's liquidity is predicted to decline to a negative $33.92 million by October.

In July, troubled crypto lender Celsius filed for Chapter 11 bankruptcy, and on August 14 it filed additional court paperwork describing its budget for August through October.

According to court records, Celsius anticipates a negative net cash flow of $137.21 million for the three-month period ending in October.

Huge operating expenses, totaling $85.37 million for the period, are the primary cause of negative cash flow. The lender has allocated around $13.95 million of the $85.37 million to staff compensation through October. Additional $57.27 billion is allocated for mining-related hosting charges.

In addition, the data revealed that Celsius anticipates spending around $33.48 million on reorganization activities by the end of October.

According to the records, the lender's liquidity by the end of August is anticipated to be approximately $66.39 million due to the decreased cash flow. After falling to $11.05 million in September, the figure is projected to reach a minus $33.92 million by the end of October.

In addition to the budget projection, Celsius also submitted a coin report listing its crypto holdings and liabilities. According to the document, as of July 29, Celsius users have deposited 100,669 Bitcoin (BTC). At the end of July, the lender only owned 14,578 BTCs, which were worth approximately $348 million at current values.

The paper revealed that the lender's entire Bitcoin obligations amount to 104,962 Bitcoins, valued at almost $2.5 billion. Celsius also owns Wrapped Bitcoin (wBTC) worth $557 million as of July 29.

Similarly, Celsius' entire Ethereum (ETH) liabilities equal to 1,045,291 ETH, which at current rates is equivalent to around $1.78 billion. At the end of July, however, the corporation possessed less than half as many Ethereum, which, at current rates, was worth almost $713 million. According to the statement, Celsius changed 410,514 Ethereum tokens to Lido staked Ethereum (stETH); as of July 29, the value of its stETH holdings was approximately $683 million.

At the time of writing, both wBTC and stETH were trading at a little discount compared to Bitcoin and Ethereum, respectively.

Additionally, Celsius has a deficit in USD Coin (USDC) holdings. The document revealed that the lender owes $944.84 million worth of USDC tokens but only held $278.75 million worth of USDC on July 29.

However, the lender has a substantial surplus of CEL tokens, with only $323 million in liabilities and $761 million in assets.

At the end of July, the lender's total token liabilities were $6.67 billion while its digital assets were only $3.82 billion. This left Celsius with a total deficit of $2.84 billion.

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