Fahrenheit Acquires Celsius' Assets in Bankruptcy Bid

Crypto consortium Fahrenheit, including Arrington Capital and US Bitcoin Corp, has won a bid to acquire the assets of insolvent lender Celsius Network, including its institutional loan portfolio, staked cryptocurrencies, mining unit, and additional alternative investments. The deal is pending regulatory approval and requires a deposit of $10 million within three days. The new company will receive between $450 and $500 million in liquid cryptocurrency, and US Bitcoin Corp will construct a range of crypto mining facilities, including a new 100 megawatt plant. Celsius filed for bankruptcy last July after a bank-run style rush of withdrawals exposed the platform’s profound liquidity issues.