Connect with us
Active Currencies 14795
Market Cap $2,487,037,106,341.80
Bitcoin Share 51.50%
24h Market Cap Change $1.71

Investor consortium Fahrenheit poised to win Celsius bankruptcy auction

2min Read

Celsius’ lawyer told judge Glenn that the submitted bids would help maximize the value for the bankrupt crypto lender’s creditors.

Investor consortium Fahrenheit poised To win Celsius bankruptcy auction

Share this article

  • A lawyer representing Celsius Network stated that the ongoing bankruptcy auction will be concluded within a week.
  • A consortium of investors including Coinbase is likely to win the auction for the bankrupt crypto lender’s assets.

A consortium of investors, that includes the largest crypto exchange in the United States, has emerged as the top contender for the assets of bankrupt crypto lender Celsius.

Fahrenheit LLC, led by TechCrunch founder Michael Arrington’s Arrington Capital, was reportedly poised to acquire Celsius’ assets in the ongoing bankruptcy auction. 

Celsius Hopes To Conclude Auction Within Days

According to a report by Reuters, Fahrenheit LLC is currently the lead bidder for Celsius Network’s assets.

During a recent hearing in the New York bankruptcy court, a lawyer representing Celsius told Judge Martin Glenn that the lender hopes to conclude the ongoing bankruptcy auction within days.

As per Celsius attorney Ross Kwasteniet, the auction has taken longer than expected, however, the process was “highly competitive”. 

Kwasteniet stated that bids received by the bankrupt crypto lender were “hundreds of millions of dollars” higher than the bid submitted by NovaWulf LLC, the digital asset investment firm that emerged as Celsius’ initial buyer.

NovaWulf’s bid faced competition from Fahrenheit LLC, which included U.S. Data Mining Group Inc, Proof Group Capital Management LLC, Ravi Kaza, former Algorand CEO Steven Kokinos and Coinbase.

The bankruptcy auction also saw participation from the Blockchain Recovery Investment Committee, which included the Gemini Trust Company, Van Eck Absolute Return Advisers Corporation, Global X Digital and Plutus Lending LLC.

Celsius is reportedly considering the bids submitted by Fahrenheit and NovaWulf, with Fahrenheit taking the lead.

Fahrenheit previously stated that it plans to lead Celsius’ crypto lending and bitcoin mining business out of bankruptcy.

The crypto lender reportedly expects to conclude the auction within a week.

The latest development comes as good news for the firm’s customers, who were stranded since July last year when the crypto lender filed for Chapter 11 bankruptcy. 

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.