Celsius is considering considering Fahrenheit’s offer.
Celsius Network’s lawyer stated that he hopes to finalize an auction for the crypto lender’s assets within a few days.
Celsius Close to Accepting Fahrenheit’s Offer
Celsius Network’s lawyer stated that he hopes to finalize an auction for the crypto lender’s assets within a few days. He said a consortium called Fahrenheit LLC has come to the fore as the current lead bidder. This consortium includes Blockchain-based venture capital firm Arrington.
Celsius attorney Ross Kwasteniet said at a US bankruptcy court hearing in Manhattan that the auction took longer than expected but was extremely competitive. Kwasteniet noted that current bids are “hundreds of millions of dollars” higher than the initial bid from digital asset investment firm NovaWulf LLC.
New Jersey-based Celsius applied for Chapter 11 protection in July and was one of the few crypto lenders to go bankrupt during the COVID pandemic as a result of the rapid growth of the crypto lending industry. Celsius stated that at that time it had more than 1.7 million registered users and approximately 300,000 active users with an account balance of more than $100.
