Crypto Giants Compete in Celsius Network Asset Auction

Two consortiums, Fahrenheit and Blockchain Recovery Investment Committee, will compete in an auction on April 25 to acquire assets of bankrupt crypto lender Celsius Network. Fahrenheit, backed by Arrington Capital, and Coinbase, proposes to create a new company run by crypto operators, with bitcoin mining assets, loans, a crypto asset portfolio, and venture capital. The competing consortium, backed by Gemini, offers a direct cash contribution of $45 million to $55 million, and the creation of a new public platform owned by Celsius creditors, which could recover up to 70% of their funds.