{"id":13951,"date":"2023-05-26T00:00:49","date_gmt":"2023-05-26T04:00:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/fahrenheit-chosen-as-winning-bid-in-celsius-bankruptcy\/"},"modified":"2023-05-26T00:00:50","modified_gmt":"2023-05-26T04:00:50","slug":"fahrenheit-chosen-as-winning-bid-in-celsius-bankruptcy","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13951","title":{"rendered":"Fahrenheit Chosen As Winning Bid in Celsius Bankruptcy"},"content":{"rendered":"<div>\n<p>Bankrupt crypto lender Celsius Network LLC has chosen Fahrenheit as its winning bid, which will provide the capital and team to operate a new company.<\/p>\n<p>Fahrenheit,\u00a0which consists of a group of crypto firms, was selected as the winning bid on Thursday morning, according to a <u>press release<\/u>.\u00a0<\/p>\n<p>The Blockchain Recovery Investment Consortium, or BRIC, was selected as the backup bid.<\/p>\n<p>\u201cThe Committee appreciates the efforts of Celsius and all bidders for their efforts, which generated significant value for Celsius users,\u201d the Celsius Official Committee of Unsecured Creditors tweeted.\u00a0<\/p>\n<p>Celsius filed for bankruptcy last July and later New York regulators sued Celsius\u2019 former CEO Alex Mashinsky for allegedly lying to investors about the firm\u2019s \u201cdire financial condition.\u201d<\/p>\n<h2>What\u2019s the plan?<\/h2>\n<p>Fahrenheit will create and operate a new company called NewCo that will manage Celsius\u2019 illiquid assets, including its mining business, according to the press release.<\/p>\n<p>\u201cUnder the Plan, Celsius\u2019 account holders will own 100% of the new equity in NewCo (subject to dilution by the equity to be distributed to Fahrenheit as management fees),\u201d Celsius said.\u00a0<\/p>\n<p>A new board of directors, a majority of which will be appointed by creditors, will oversee NewCo, according to the statement.\u00a0<\/p>\n<p>NewCo\u2019s assets will include $500 million in liquid cryptocurrency, DeFi cryptocurrency assets, private equity and venture fund investments, mining among others.\u00a0<\/p>\n<p>\u201cIn the coming weeks, Celsius intends to negotiate and publicly file a plan sponsor agreement with Fahrenheit, a backup plan sponsor agreement with the BRIC, a revised chapter 11 plan, and a disclosure statement, all of which remain subject to bankruptcy court approval,\u201d Celsius said.\u00a0<\/p>\n<p>Fahrenheit consists of mining company US Bitcoin Corp., digital assets investing firm Arrington Capital, Proof Group, crypto entrepreneur Steven Kokinos and Ravi Kaza.\u00a0<\/p>\n<p>Celsius had originally reached a deal with NovaWulf Digital Management to buy the firm\u2019s lending operations in <u>February<\/u>.\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/fahrenheit-chose-as-winning-bid-celsius-bankruptcy.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankrupt crypto lender Celsius Network LLC has chosen Fahrenheit as its winning bid, which will provide the capital and team to operate a new company. Fahrenheit,\u00a0which consists of a group of crypto firms, was selected as the winning bid on Thursday morning, according to a press release.\u00a0 The Blockchain Recovery Investment Consortium, or BRIC, was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13952,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-13951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fahrenheit Chosen As Winning Bid in Celsius Bankruptcy | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bankrupt crypto lender Celsius Network LLC has chosen Fahrenheit as its winning bid, which will provide the capital and team to operate a new\" \/>\n<meta name=\"robots\" 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