You are currently viewing Fahrenheit Wins Bid to Acquire Assets of Insolvent Crypto Lender Celsius

Crypto consortium Fahrenheit has won a bid to acquire insolvent lender Celsius Network, whose assets were previously valued at around $2 billion, according to court filings made early in the hours of Thursday morning.

The group will acquire Celsius’s institutional loan portfolio, staked cryptocurrencies, mining unit and additional alternative investments, and must pay a deposit of $10 million within three days to cement the deal, court filings show.

Fahrenheit, a consortium of buyers that includes venture capital firm Arrington Capital and miner US Bitcoin Corp, was selected as successful bidder following a lengthy auction process.

The Blockchain Recovery Investment Consortium, which includes Van Eck Absolute Return Advisers Corporation and GXD Labs LLC, was selected as backup, with rival bidder NovaWulf – at one stage the firm favorite – losing

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