Fahrenheit To Acquire Assets of Bankrupt Crypto Lender Celsius
The year 2022 saw a wave of insolvencies in the crypto market, with numerous firms filing for bankruptcy. Among them was the Celsius Network , a prominent crypto lender, which was one of the early casualties. However, nearly a year later, the assets of the company have been successfully acquired by another firm. Coincidentally, Celsius ’s funds were being acquired by a crypto consortium called Fahrenheit. The consortium entails several buyers. Notable participants in this group include venture capital firm Arrington Capital and miner U.S. Bitcoin Corp. The group is set to acquire Celsius ’s institutional loan portfolio, staked crypto mining unit, and other alternative investments. To finalize the deal, the consortium is required to make a deposit of $10 million. This should be done within three days, as stated in the court filings. The way forward for Celsius & Fahrenheit In the latest deal, the new firm will acquire about $450 to $500 million worth of liquid crypto assets....