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Celsius could sell assets to top bidder Fahrenheit as auction concludes Celsius could sell assets to top bidder Fahrenheit as auction concludes

Celsius could sell assets to top bidder Fahrenheit as auction concludes

The latest bids are hundreds of millions of dollars greater than past bids.

Celsius could sell assets to top bidder Fahrenheit as auction concludes

Cover art/illustration via CryptoSlate

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 โ€” 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.