BlockFi seeks approval of $4.68 million sale of self-mining assets

By Sarah Lizee

Olympia, Wash., March 3 – BlockFi Inc. is seeking court approval to sell its self-mining equipment and operations related to its digital coin mining segment, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of New Jersey.

An auction was held on Tuesday for the assets.

U.S. Farms & Mining Opportunity Fund LLC provided the highest and best bid, which is expected to bring in about $4.68 million to the estate of debtor BlockFi Lending LLC.

As previously reported, the company is in a process to sell its other assets as well.

BlockFi filed a plan that also includes a stand-alone restructuring, but because the company’s path forward remains unclear regarding issues with FTX’s bankruptcy and the impact on the cryptocurrency markets, BlockFi is considering other strategies, including the potential sales.

Based in Jersey City, N.J., BlockFi is a crypto financial services company. The company filed bankruptcy on Nov. 28 under Chapter 11 case number 22-19361.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.