Fahrenheit to Acquire Celsius Crypto Lender, $10M Deposit Needed

Summary

• Crypto consortium Fahrenheit has won the bid to acquire the assets of the insolvent crypto lender Celsius Network.
• The assets acquired by Celsius were originally valued at over $2 billion.
• Fahrenheit is a consortium of buyers that includes venture capital company Arrington Capital and bitcoin miner US Bitcoin Corp.

Fahrenheit to Acquire Bankrupt Crypto Lender Celsius

Crypto consortium Fahrenheit has won the bid to acquire the assets of the insolvent crypto lender Celsius Network. Court documents reveal that Fahrenheit must provide a $10 million deposit within three days to complete the process. The assets acquired by Celsius were originally valued at over $2 billion, and after a protracted auction, Fahrenheit was chosen as the winning bidder.

Fahrenheit Group Details

Fahrenheit is a consortium of buyers that includes venture capital company Arrington Capital and bitcoin miner US Bitcoin Corp. The Blockchain Recovery Investment Consortium (BRIC), including Van Eck Absolute Return Advisers Corp and GXD Labs, secured the backup position while rival bidder NovaWulf ultimately lost out.

Assets Acquired

Fahrenheit will acquire Celsius Network’s institutional loan portfolio, staked cryptocurrencies, mining unit and other alternative ventures with its liquid crypto assets worth around $450-$500 million being valued at an estimated total of $2 billion.

Regulatory Approval Needed

Celsius and its creditors have approved this deal; however, regulatory permission is still required for it to be completed in full. Martin Glenn had previously warned about potential “regulatory roadblocks” that may stymie its sale similar to when Binance US halted their acquisition due to unclear regulation norms in place in America.. This revised Chapter 11 plan ,disclosure statement along with negotiating/publishing a plan sponsor agreement between Fahrenheit & BRIC need court approval before going ahead with this transaction .