Celsius could sell assets to top bidder Fahrenheit as auction concludes News ▸ Celsius ▸ Bankruptcy
Celsius could sell assets to top bidder Fahrenheit as auction concludes
The latest bids are hundreds of millions of dollars greater than past bids.
1 min read
Updated: May. 17, 2023 at 9:19 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Celsius could soon sell its assets as it concludes an auction that is part of its bankruptcy proceedings, Reuters reported May 17.
Fahrenheit leading bidder
The latest bidding session for Celsius’ assets has been ongoing since April 22. Companies, including Fahrenheit Holdings, the Blockchain Recovery Investment Committee (BRIC), and NovaWulf, have placed bids on the assets.
Celsius attorney Ross Kwasteniet did not reveal the size of any bid. However, he said that recent bids are hundreds of million dollars higher than earlier bids.
The top bidder is Fahrenheit Holdings — a consortium formed by Arrington Capital and other companies in April to bid on Celsius’ assets. Fahrenheit intends to put the purchased assets into a new company and compensate Celsius users through growth.
Auction process began in October
Kwasteniet noted that Celsius’ auction has lasted for longer than it originally planned. The firm received permission to begin its bidding process on October 2022.
Though Celsius began to accept bids in January 2023, it dismissed those bids, seemingly due to their low value. NovaWulf’s bid at that time was up to $55 million.
Celsius originally filed for bankruptcy on July 13, 2022. It halted user withdrawals on June 13, meaning that users have been unable to access funds for nearly one year.
The current auction is expected to end in the coming days.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.