BlockFi is going to sell assets

BlockFi Inc. has secured court approval to sell off cryptocurrency assets.

The company’s lawyer Francis Petrie said that they do have not a lot of time to get bids.

Several bids have been received so far, but given today’s situation and current volatility, it is necessary to act faster.

BlockFi intends to auction cryptocurrency mining equipment during a slight market upturn amid a prolonged downturn that has lasted an entire year. Recall that earlier Celsius Network also announced its intention to sell mining devices.

Francis Petrie also noted that the deadline for BlockFi is limited to February 20. Any contract that goes through would require further approval from the court.

BlockFi announced difficulties in November. The company was going to sell the assets or reorganize. Assets that will not be offered will fall under restructuring.