Celsius CFO: The Company may have sufficient cash to fund its operations through year end

Celsius Network may now have sufficient funding to keep it operating until the end of the year, Chris Ferraro, Celsius Chief Financial Officer, said in a statement at a bankruptcy hearing with creditors on Aug 20. Additional funding comes from a $61 million loan to Bitfinex, which maturates in the coming weeks, and $20 million in related tax savings from Celsius's purchase of mining equipment. Celsius is expected to become cash flow positive by early 2023. As previously reported by BlockBeats, Celsius held insufficient cash to sustain its operations for three months, as revealed in a new court filing on Monday by Kirkland & Ellis, the law firm hired by Celsius Network, It predicts the company will run out of money by the end of October.