Coinspeaker
Fahrenheit Consortium Wins Bid to Acquire Celsius Network
It is a good day for the embattled crypto lender Celsius Network as crypto consortium Fahrenheit LLC has won the bid to acquire the insolvent firm whose assets were previously valued at $2 billion. According to a May 25th court filing, the Arrington Capital-backed group emerged as the successful bidder after beating NovaWulf Digital Management.
Markedly, Fahrenheit is a conglomerate of buyers which include venture capital firm Arrington Capital and miner US Bitcoin Corp. The Blockchain Recovery Investment Consortium (BRIC), another corporation that comprises VanEck Absolute Return Advisers Corp and GXD Labs, became the backup bidder.
The deal is yet to be finalized as an initial deposit is expected within the next ten days after which Fahrenheit will receive the insolvent exchange’s institutional loan portfolio, staked cryptocurrencies, mining unit, as well as other alternative investments. Specifically, the new co
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