Celsius CEO reportedly overruled expert strategists and traded hundreds of millions of dollars worth of Bitcoin before the company crashed.
Mashinsky’s actions also reportedly affected his professional relationship with Frank van Etten, the then chief investment officer of Celsius, with whom he “clashed repeatedly” over trading strategy. The Financial Times reported a person familiar with the matter said the Celsius CEO “had a high conviction of how bad the market could move south” and wanted staff “to start cutting risk” in any way possible prior to the Fed meeting.
, including shares of Grayscale’s Bitcoin Trust, or GBTC. The news outlet reported there was a deal available aimed at cutting Celsius’ losses on GBTC — the company held 11 million shares worth roughly $400 million in September 2021 — but Mashinsky refused it, eventually selling for a $100–$125 million loss in April 2022.
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