Celsius

Bitcoin

Absolute

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	Crypto lender Celsius Network, which filed voluntary petitions for Chapter 11 protection on July 14, 2022, has made headlines again. The insolvent lender has now found a potential buyer.
<blockquote class="twitter-tweet">
Moments ago, <a href="https://twitter.com/CelsiusNetwork?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@CelsiusNetwork</a> filed voluntary petitions for Chapter 11 protection and announced that the company initiated a financial restructuring. <a href="https://t.co/vf5wsT6TMp" rel="nofollow" target="_blank">https://t.co/vf5wsT6TMp</a>
— Celsius (@CelsiusNetwork) <a href="https://twitter.com/CelsiusNetwork/status/1547375324622618624?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">July 14, 2022</a></blockquote>
Crypto consortium Fahrenheit has successfully won the bid to acquire <a href="https://crypto.ro/en/news/celsius-plans-to-prolong-the-deadline-for-claims-as-legal-expenses-rise/">Celsius Network</a>, whose assets were previously valued at approximately $2 billion, according to <a href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174905252380000000034.pdf" rel="nofollow noopener" target="_blank">court filings</a> made on Thursday.
The consortium, which includes venture capital firm Arrington Capital and miner US Bitcoin Corp, emerged as the successful bidder following a rigorous auction process.
Under the terms of the deal, Fahrenheit will acquire Celsius&#8217;s institutional loan portfolio, staked cryptocurrencies, mining unit, and additional alternative investments. To finalize the acquisition, the consortium is required to pay a $10 million deposit within three days, as outlined in the court filings.
The Blockchain Recovery Investment Consortium, comprising Van Eck Absolute Return Advisers Corporation and GXD Labs LLC, was selected as the backup bidder, while rival bidder NovaWulf, previously considered the favorite, lost out in the auction.
Upon completion of the acquisition, the newly formed company will receive a significant amount of liquid cryptocurrency, estimated to be between $450 and $500 million.
Additionally, US Bitcoin Corp will undertake the construction of various crypto mining facilities, including a new 100 megawatt plant.
While the bid has been accepted by Celsius and its committee of creditors, it still awaits regulatory approval to proceed.
Bankruptcy Court Judge Martin Glenn previously cautioned about potential &#8220;regulatory roadblocks&#8221; that could hinder the sale, citing a similar situation where the acquisition of bankrupt crypto lender Voyager&#8217;s $1 billion in assets by <a href="https://crypto.ro/en/education/best-crypto-exchange/#1-binance-lowest-fee-crypto-exchange">crypto exchange Binance</a>.US was halted due to regulatory concerns.
Celsius Network filed for bankruptcy in July of last year after the sharp decline in crypto prices led to a rush of withdrawals, exposing the platform&#8217;s liquidity issues.
The collapse of Celsius became a precursor to the subsequent challenges faced by the crypto industry, with the downfall of various exchanges, lenders, and venture capital firms that contributed to a period of industry-wide decline.

Fahrenheit has won the bid to acquire Celsius Network

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