Fahrenheit Consortium Saves Celsius Network from Bankruptcy

Fahrenheit Consortium Saves Celsius Network from Bankruptcy


Fahrenheit consortium acquires bankrupt Celsius Network, securing nearly $2 billion worth of assets, including the institutional loan portfolio, staked cryptocurrency portfolio, mining operation, and other alternative investments.

Digital currency consortium Fahrenheit emerges as the successful bidder in acquiring bankrupt lender Celsius Network LLC Network, securing nearly $2 Billion worth of assets.

Reports by court filings submitted on May 25, Fahrenheit’s digital currency consortium successfully acquired the bankrupt lender Celsius Network LLC Network, whose assets were at the beginning valued at almost $2 billion.

Court filings indicated that the company would buy Celsius’ institutional loan portfolio, staked digital currency portfolio, mining operation, and other alternative investments. The team likewise has 3 days to submit a $10 Million deposit to finalize the acquisition.

Following a lengthy auction procedure, Fahrenheit, a group of purchasers that includes the deal financial resources company Arrington Financial resources and miner United States Bitcoin (BTC) Corp, was selected as the winning bidder.

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Reports by the terms of the agreement, United States Bitcoin (BTC) Corp would build plenty of digital currency mining facilities, including a new 100-megawatt plant, and the new business will get betwixt $450 and $500 Million in liquid cryptocurrency.

Regardless of being accepted by Celsius Network LLC and a committee of its creditors, the acquisition still needs approval from the authorities. Judge Martin Glenn of the Bankruptcy Court previously warned that “regulatory roadblocks” would prevent the sale of Celsius Network LLC, just as they did for another lender’s acquisition. Celsius Network LLC filed for bankruptcy last July after plummeting digital currency prices sparked a bank-run-style rush of withdrawals that exposed the platform’s serious liquidity issues. 

Prolonged auction delayed Celsius Network LLC Network acquisition

The collapse of the exchange was a sign of things to come for the digital currency sector, which sooner or  thereafter experienced the failure of plenty of other trending cryptocurrency exchanges, lenders, and deal financial resources corporations, sending the industry into a protracted deep freeze.

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Reports by a report from the Wall Street Journal, Kwasteniet observed that Celsius’ auction took longer than anticipated. The company was given the go-ahead to begin bidding in October 2022.

Nonetheless, it started accepting offers in January 2023. Celsius Network LLC rejected the proposals because they were of low value. Back then, NovaWulf offered up to $55 million.

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