The bankrupt crypto mining lender BlockFi plans to sell loans linked to Bitcoin mining machine purchases.
The embattled crypto company has around $160 million in loans backed by 68,000 Bitcoin mining rigs which it needs to sell.
Crypto lenders such as BlockFi also ventured into Bitcoin mining to bolster their digital asset treasuries. According to Bloomberg, almost $4 billion was raised through these loans since the last crypto bull run.Other major lenders for crypto-mining companies include New York Digital Investment Group , Celsius Network, Galaxy Digital, and Digital Currency Group’s Foundry.
There is now a market for such distressed assets from bankrupt crypto lenders and struggling mining firms. Crypto asset manager Grayscale set up a fund with Foundry to invest in BTC mining hardware to capitalize on this distressed asset market.
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