2023-05-25 13:32:12
As a result of a longer process, it recently became certain that the Fahrenheit crypto consortium won the bid to buy the insolvent Celsius Network. Celsius’ assets were previously valued at $2 billion, according to court papers filed on the morning of May 25. Fahrenheit will also acquire Celsius’ corporate loan portfolio, staked cryptocurrencies, mining division and other additional investments.
Fahrenheit is close to its goal, but there are still obstacles
The deal to make sure the consortium must pay a deposit of $10 million in the next three days. Fahrenheit is a multi-buyer consortium, it includes, for example, the venture capital investor Arrington Capital and the bitcoin mining company US Bitcoin Corp. The Blockchain Recovery Investment Consortium, which also includes several companies, ran behind Fahrenheit as a “backup”, while the former great contender named NovaWulf was ultimately left behind. As part of the deal, the new company will receive roughly $500 million in liquid cryptocurrency, while US Bitcoin Corp will set up several bitcoin mining facilities, including a 100-megawatt plant.
Celsius and the creditors’ committee have accepted the deal, but even the regulators have to give it their nod. Months ago, the assigned bankruptcy trustee said that certain regulatory hurdles could thwart the sale process. We saw something similar in April, when Binance.US backed out of buying $1 billion worth of assets from the bankrupt cryptolender Voyages. At the time, Binance.US said the reason for the exit was the unfriendly US regulatory environment. Celsius fell victim to a wave of withdrawals due to falling crypto rates last July. By the way, the bankruptcy at that time was a precursor to what came later and culminated in the collapse of dozens of crypto companies.
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