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 Thursday morning. The group will acquire Celsius’ 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. A consortium of buyers that includes venture capital firm Arrington Capital and miner US Bitcoin Corp, Farenheit was selected as successful bidder following a lengthy auction process. Under the terms of the deal, the newly-formed company will get 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.
Source: https://www.coindesk.com/markets/2023/05/25/first-mover-americas-bitcoin-falls-to-26k-is-24k-next/?utm_medium=referral&utm_source=rss&utm_campaign=headlines