{"id":50625,"date":"2023-05-25T05:30:16","date_gmt":"2023-05-25T09:30:16","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=50625"},"modified":"2023-05-25T05:30:20","modified_gmt":"2023-05-25T09:30:20","slug":"fahrenheit-wins-bid-to-acquire-celsius-networks-assets","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/fahrenheit-wins-bid-to-acquire-celsius-networks-assets\/","title":{"rendered":"Fahrenheit Wins Bid to Acquire Celsius Network’s Assets"},"content":{"rendered":"\n

Cryptocurrency consortium Fahrenheit has outbid NovaWulf to acquire crypto lender<\/a> Celsius Network\u2019s assets following a lengthy auction process.<\/p>\n\n\n\n

\"Fahrenheit
Fahrenheit Wins Bid to Acquire Celsius Network's Assets<\/figcaption><\/figure>\n\n\n\n

According to court documents, the cryptocurrency consortium Fahrenheit was the winning suitor to acquire the insolvent cryptocurrency lender Celsius Network. The acquisition includes assets previously valued at approximately $2 billion that belonged to Celsius.<\/p>\n\n\n\n

The court documents, filed in the early hours of May 25, indicate that the consortium will acquire the institutional loan portfolio, staked cryptocurrencies, mining unit, and other alternative investments of Celsius Network. <\/p>\n\n\n\n

The group must deposit $10 million within three days to finalize the agreement.<\/p>\n\n\n\n

Fahrenheit, a consortium of buyers of venture capital firm Arrington Capital and miner US Bitcoin Corp\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, was selected as the winning bidder following a protracted auction. <\/p>\n\n\n\n

The Blockchain Recovery Investment Consortium (BRIC) secured the fallback position, which included Van Eck Absolute Return Advisers Corp and GXD Labs. Initially favoured, the rival suitor NovaWulf ultimately lost out.<\/p>\n\n\n\n

According to the terms of the agreement, the new company will receive between $450 and $500 million worth of liquid cryptocurrency. US Bitcoin Corp. will also build crypto mining facilities, such as a 100-megawatt power facility.<\/p>\n\n\n\n

Although Celsius and its creditors have accepted the offer, a regulatory sanction<\/a> is still necessary for the acquisition to be finalized. <\/p>\n\n\n\n

The bankruptcy court judge, Martin Glenn, had previously warned of potential “regulatory roadblocks” that could impede the sale of Celsius. <\/p>\n\n\n\n

Similarly, crypto exchange Binance.US cancelled its $1 billion acquisition of Voyager's assets due to federal officials' appeals, citing the uncertain regulatory environment in the United States.<\/p>\n\n\n\n

Celsius plans to negotiate and publicly file a plan sponsor agreement with Fahrenheit, a secondary plan sponsor agreement with BRIC, a revised Chapter 11 plan, and a disclosure statement in the coming weeks, pending bankruptcy court approval.<\/p>\n\n\n\n

In July 2022, Celsius filed for bankruptcy due to a surge in withdrawals approximating a bank run, revealing underlying liquidity issues. <\/p>\n\n\n\n

Its demise foreshadowed a turbulent period for the cryptocurrency industry, characterized by the subsequent failure of numerous prominent exchanges, financiers, and venture capital firms, resulting in a protracted “crypto winter<\/a>“.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency consortium Fahrenheit has outbid NovaWulf to acquire crypto lender Celsius Network\u2019s assets following a lengthy auction process. According to court documents, the cryptocurrency consortium Fahrenheit was the winning suitor to acquire the insolvent cryptocurrency lender Celsius Network. The acquisition includes assets previously valued at approximately $2 billion that belonged to Celsius. The court documents, […]<\/p>\n","protected":false},"author":12,"featured_media":33074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4461,14596,4621,14595],"class_list":["post-50625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-celsius-network","tag-crypto-consortium","tag-crypto-lender","tag-fahrenheit"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/image-37.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=50625"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/33074"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=50625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=50625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=50625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}