As known from:
known from Coinwireknown from Benchknown from Coinindex
  • About CryptoGmblr.com
Contains commercial content
Cryptogambling / Fahrenheit Acquires Assets of Crypto Lender Celsius

Fahrenheit Acquires Assets of Crypto Lender Celsius

Publish Date: 25/05/2023
Key Points
  • Fahrenheit Beats NoaWulf to a bid to acquire Celcius.
  • Fahrenheit to acquire loan portfolio, staked cryptocurrencies, mining unit and other investments.
  • Crytpo regulators are yet to finalize this acquisition.

Celsius Logo on computer screen with bitcoins in front of it

Fahrenheit, the Arrington Capital-backed grouping won a bid against NovaWulf for Celcius assets.

The assets are valued at around $2 billion according to a court filing in the early hours of today.

According to the court filing, the assets include an institutional loan portfolio, staked cryptocurrencies, mining units and other investments. Fahrenheit will deposit $10 million within three days to seal the deal.

As part of the deal, the new company will get $450 and $500 million respectively in liquid digital currency, and US Bitcoin Corp will build a new 100-megawatt crypto mining facility.

According to Celcius:

“Under the Plan, Celsius’ account holders will own 100% of the new equity in NewCo.”

The company further added that Celcisus under new management will be overseen by the new board of directors which creditors will appoint the majority.

Regulators in the Backdrop

While Celcius is directing itself out of bankruptcy with this bid, the company and its creditor should know that the process must be approved by regulators to ease the acquisition process.

This is because, a few months ago, Judge Martin Glenn of the bankruptcy court previously issued a warning that “regulatory roadblocks” would prevent the sale of Celsius, much like they prevented a different lender from acquiring Celsius.

Also, in April, Bitcoin exchange Binance.US suddenly halted its acquisition of the $1 billion in assets owned by insolvent crypto lender Voyager after federal officials challenged the sale, citing the “hostile and uncertain regulatory climate” in the U.S.

What you should know about Celcius

Crypto lenders such as Celsius were one of the crypto companies that boomed during the COVID-19 pandemic. The company promised customers high-interest rates on their deposits as well as the ability to borrow against their crypto assets.

Towards the post-COVID, in 2022, many companies were already going bankrupt, driven by a market crash in May and November the same year, FTX, was under the bus.

Celcisus filed for bankruptcy last July. The company started an auction on April 22, in a bid to find new management to guide the crypto lending and bitcoin mining business out of bankruptcy.

At the time, the company had over 1.7 million registered users and about 300,00 active users.

Initially, Celcius wanted to accept NovaWulf bid which was one out of 130 proposals at that time.

According to NovaWulf, teh company, upon acquisition, hadΒ agreed to pay up to $55 million to the reorganized company, called “NewCo” by Celsius, which will be owned by Celsius creditors and will continue Celsius’ bitcoin mining and loan businesses.

Conclusion

This acquisition not only solidifies Fahrenheit’s position as a major player in the industry but also highlights the dynamic nature of the market, where companies are constantly seeking opportunities to expand and adapt.

The outcome of this deal sets the stage for potential transformations and innovations in the crypto space, while also underscoring the importance of adaptability and strategic decision-making in navigating the complex landscape of digital finance.

Top Online Casinos
Top Casinos Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
High5Casino
High5Casino
High5Casino Review
4.1/5
Sweeptastic
Sweeptastic
Sweeptastic Review
3.9/5
Stake.us
Stake.us Bonus
55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
27.5 SC FREE and 57.5K Gold Coins
T&Cs apply
4.6/5
Wow Vegas
Wow Vegas Bonus
35 SC FREE and 1.75M WOW Coins
T&Cs apply
4.5/5
High5Casino
High5Casino Bonus
Get 5 SC FREE+ 250 Gold Coins and 600 Diamonds!
T&Cs apply
4.1/5
Sweeptastic
Sweeptastic Bonus
21 SC FREE and 20K Lucky Coins
T&Cs apply
3.9/5
Latest News
Charles Hoskinson forecasts Altcoin season showdown: ADA vs. DOGE
Cardano (ADA) Faces Dual Meme Coin Competition where ...
Top 5 AI cryptocurrencies ready to thrive during the next bull market
New crypto ventures merge the groundbreaking capabilities of ...
Top Crypto Exchange Sites
Crypto Exchange Guide
  • Crypto Exchanges
  • Betting Exchange
Top Brands
Top Bonuses
Stake.us
Stake.us
Stake.us Review
4.6/5
McLuck
McLuck
McLuck Review
4.6/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.5/5
High5Casino
High5Casino
High5Casino Review
4.1/5
Sweeptastic
Sweeptastic
Sweeptastic Review
3.9/5
Stake.us
Stake.us Bonus
55 Stake Cash + 260K Gold Coins + 5% Rakeback
T&Cs apply
4.6/5
McLuck
McLuck Bonus
27.5 SC FREE and 57.5K Gold Coins
T&Cs apply
4.6/5
Wow Vegas
Wow Vegas Bonus
35 SC FREE and 1.75M WOW Coins
T&Cs apply
4.5/5
High5Casino
High5Casino Bonus
Get 5 SC FREE+ 250 Gold Coins and 600 Diamonds!
T&Cs apply
4.1/5
Sweeptastic
Sweeptastic Bonus
21 SC FREE and 20K Lucky Coins
T&Cs apply
3.9/5

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPGGamblers AnonymousCloudflareSSLcoΒ² neutral
Close
Players accepted in the US US Flag
Stake.us Exclusive Bonus
55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Go to Stake.us
Visit Site
T&Cs apply, 18+
Payment Methods
Bitcoin
Litecoin
Ethereum
Dogecoin
Highlights
  • Exclusive promo code: CRYPTGAMBL
  • Play Stake Originals games for free
  • Get free Stake Cash daily just by logging in
Stake Originals
Dice
Crash
Plinko
Mines
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site