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Fahrenheit wins bid for Celsius bankruptcy auction, acquires lending, collateralized lending, and mining divisions

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Fahrenheit wins bid for Celsius bankruptcy auction, acquires lending, collateralized lending, and mining divisions

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Celsius Asset Auction Results Revealed

According to a report by CoinDesk here, the latest court documents show that the Fahrenheit consortium has won the asset auction of Celsius Network. The consortium is set to acquire Celsius's institutional loan portfolio, pledged cryptocurrencies, mining division, and other alternative investment projects, and must pay a $10 million deposit within three days to finalize the deal.

The Blockchain Recovery Investment Alliance, which includes Van Eck Absolute Return Advisers Corporation and GXD Labs LLC, was selected as a backup bidder, while NovaWulf, once considered a frontrunner, was unsuccessful in this auction.

Under the terms of the deal, the new company will acquire cryptocurrency assets valued at $4.5 to $5 billion, with US Bitcoin Corp also planning to construct a series of cryptocurrency mining facilities, including a new 100-megawatt power plant.

However, despite Celsius and its creditors committee accepting this bid, regulatory approval is still required to complete the final acquisition.

Fahrenheit Consortium: Who Are They?

The Fahrenheit consortium is a limited liability company formed by multiple institutions and investors specifically for participating in the Celsius asset auction (Celsius being Celsius, Fahrenheit being Fahrenheit). Supporters of the Fahrenheit consortium include: Arrington Capital, US Data Mining Group, Inc. (also known as US Bitcoin Corp.), investment firm Proof Group Capital Management, former Algogrand CEO Steven Kokinos, and banker Ravi Kaza.

Michael Arrington, founder of Arrington Capital, emphasized on Twitter last month that the consortium's bid is not just a simple asset purchase:

「我們提議將這些資產放入一家新公司，透過增加這些資產以使利益相關者完整為唯一目標來運營。」