Bankrupt crypto lender Celsius Network announced today that crypto consortium Fahrenheit has won in the court‑approved auction process to sell its assets.
In a May 25 statement, Celsius said Fahrenheit would provide the capital, management team, and technology required to successfully establish and operate a new company, NewCo, as stated in its bid under its Chapter 11 plan.
Speaking about the deal, members of the Special Committee of the Board, David Barse and Alan Carr, said:
“[The] competitive auction process produced a positive result for customers, including, most prominently, hundreds of millions of dollars in lower management fee savings and increased liquid cryptocurrency distributions to Celsius’ customers.”
The Fahrenheit group comprises US Bitcoin Corp, Arrington Capital, Proof Group, Steven Kokinos, and Ravi Kaza.
Celsius’ creditors to own 100% of NewCo
NewCo’s assets include Celsius’s institutional loan portfolio, staked cryptocurrencies, mining unit, DeFi cr
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