Leaked documents show Celsius was plotting a bold business pivot weeks before bankruptcy
Celsius Network, the failed crypto lender, pitched deep-pocketed investors on an ambitious plan to white-label some of its services last year — just as its core business imploded. Pitch documents obtained by The Block show that Celsius approached both Wall Street bank Goldman Sachs and Abu Dhabi-backed fund ADQ about a project branded Celsius Web Services in May and June, respectively. The initiative would see Celsius offer generic versions of its products.
Alex Mashinsky, the former CEO of Celsius who resigned in September, spearheaded the CWS plan and wanted to raise $1 billion to get it off the ground, according to a person with direct knowledge of the matter. As well as Goldman and ADQ, Mashinsky pitched his own board, which until June last year included Laurence Tosi, managing partner of WestCap Group, and a representative of Canadian pension fund Caisse de Depot et Placement du Quebec. Those investors jointly invested $750 million in Celsius in late 2021, but wanted no part of CWS. Mahinsky’s attempt to launch a raft of new products and pivot Celsius away from its core business of lending out crypto assets couldn’t.
Source
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