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Home News Latest News

Fahrenheit Consortium Wins Bid to Acquire Celsius Network in a $2 Billion Deal

25 May 2023
in Latest News, News
Reading Time: 3 mins read
105 5
Fahrenheit Consortium Wins Bid to Acquire Celsius Network in a $2 Billion Deal

Source: cryptoslate.com

Fahrenheit, a consortium comprised of venture capital firm Arrington Capital and crypto miner U.S. Bitcoin Corp, emerged as the winning bidder for the insolvent cryptocurrency lender Celsius Network after a lengthy auction process. The deal includes several Celsius Network assets estimated to be worth around $2 billion.

According to the court documents filed in the early hours of May 25, 2023, Fahrenheit will acquire various components of Celsius Network, including its institutional loan portfolio, staked cryptocurrency, mining unit, and alternative investments. However, the consortium must submit a $10 million deposit within three days to finalize the agreement.

The terms of the agreement also state that the company will receive liquid cryptocurrency estimated to be between $450 million and $500 million. Furthermore, U.S. Bitcoin Corp will construct advanced cryptocurrency mining facilities, including a 100-megawatt unit.

While Celsius and its creditors have approved the offer, the transaction still requires final regulatory approval. The bankruptcy court’s approval of Celsius’s revised Chapter 11 plan and disclosure statement is still pending. Thus, the agreements reached with Fahrenheit will not come to effect immediately.

Notably, NovaWulf, previously favoured to win, secured the second position in the auction process. The Blockchain Recovery Investment Consortium, which includes Van Eck Absolute Return Advisers Corporation and GXD Labs LLC, secured the runner-up position. 

Celsius Network had previously filed a document with the court outlining its sales strategy to NovaWulf Digital Management. After receiving nine proposals from 130 interested parties, Celsius selected NovaWulf as the preferred buyer, as the sale is expected to enhance the value of both liquid and illiquid assets.

Celsuis’s collapse signalled a challenging period for the cryptocurrency industry, as it was followed by the failures of other prominent exchanges, lenders, and venture capital firms, resulting in an extended downturn in the sector. Just before its bankruptcy, there was a significant decline in cryptocurrency values, and Celsius Network faced financial distress and liquidity problems following a surge in withdrawals similar to a bank run. These circumstances led to Celsius filing for bankruptcy in July 2022.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: Celsius NetworkFahrenheit
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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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