Celsius could sell assets to top bidder Fahrenheit as auction concludes

Reuters reports that Celsius may soon sell assets as it completes an auction as part of bankruptcy proceedings. May 17th.

Fahrenheit Leading Bidder

The latest bidding session for Celsius assets has been going on since April 22nd. Companies including Fahrenheit Holdings, Blockchain Recovery Investment Commission (BRIC) and Nova Wolf bid for the asset.

Celsius attorney Ross Kwasteniet did not disclose the size of the bid. But recent bids are hundreds of millions of dollars higher than previous bids, he said.

The highest bidder is Fahrenheit Holdings, a consortium set up by Arlington Capital and other companies. in April Bid on Celsius property. Fahrenheit intends to transfer his purchased assets to the new company and reward Celsius users through growth.

Auction process started in October

Kwasteniet noted that the Celsius auction lasted longer than originally planned. The company has received permission to begin the bidding process in October 2022.

Celsius began accepting bids in January 2023, but is believed to have rejected the bids on the grounds of low value. Nova Wolf’s bid at the time was up to $55 million.

Celsius originally filed for bankruptcy on July 13, 2022. Celsius suspended user withdrawals on June 13, leaving users unable to access their funds for nearly a year.

The current auction is expected to close in the next few days.

Post-Celsius may sell the asset to the highest bidder Fahrenheit once the auction close appears first on CryptoSlate.

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