Celsius Network

Company Overview

Snapshot

Founded in July 2017 by Daniel Leon, Celsius Network operated with 51–200 employees. The company raised a total of $428.8 million across three funding rounds from five investors. In October 2021, Celsius Network announced an investment led by WestCap and Caisse de dépôt et placement du Québec (CDPQ), valuing the company at over $3 billion.

Business overview

Celsius Network developed an earning and lending platform accessible via a mobile application, providing curated financial services not typically available through traditional institutions. The platform allowed crypto holders to earn rewards by transferring coins to their Celsius Wallet and to borrow USD against crypto collateral at competitive interest rates. Operating within the Fintech & Insurtech sector, the company focused on lending and financing, money transfer and management, and trading and investing, serving markets related to cryptocurrency and digital wallets.

Strategic signal

In May 2025, Celsius Network's founder, Alex Mashinsky, was sentenced to 12 years in prison for crypto fraud. This development signals a critical and negative inflection point for the company, underscoring the severe legal and operational challenges that led to its non-active status and highlighting the significant risks associated with the crypto lending space.

Company Intelligence Q&A

What was the outcome of the legal proceedings against Celsius Network's founder?

In May 2025, Celsius Network's founder, Alex Mashinsky, was sentenced to 12 years in prison for crypto fraud, marking a definitive legal resolution following the company's operational cessation.

What was a significant investment milestone for Celsius Network?

In October 2021, Celsius Network announced an investment led by WestCap and Caisse de dépôt et placement du Québec (CDPQ), which valued the company at over $3 billion.

What was a key operational challenge faced by Celsius Network?

In July 2022, Celsius Network laid off a quarter of its employees, indicating significant operational restructuring amidst market difficulties.

When did Celsius Network file for bankruptcy?

In July 2022, cryptocurrency company Celsius Network filed for bankruptcy, a major event reflecting its financial distress.

What was the court's decision regarding customer deposits during Celsius Network's bankruptcy proceedings?

In January 2023, a U.S. judge ruled that Celsius Network owned most customer crypto deposits, impacting creditors during the bankruptcy process.