According to recent filings, crypto exchanges Gemini and Coinbase are reportedly the new bidders for the bankrupt Celsius Network’s assets.
As per the filing, one of the two newly qualified bidders for Celsius is Fahrenheit, LLC, owned by Arrington Capital which is headed by popular venture capitalist Michael Arrington.
Michael Arrington revealed in one of his now-deleted tweets that Coinbase is backing Farneheit’s bidding which Coinbase hasn’t confirmed yet.
The other new bidder is the Blockchain Recovery Investment Committee backed by Van Eck, Global X Digital, LLC, Plutus Lending, and Gemini Trust Company, LLC. The auction for Celsius is set to be held on April 25, 2023, at 2 PM ET.
NovaWulf Digital Management is now the”stalking horse bidder” for Celsius’ assets. NovaWulf’s proposal calls for the development of a new public platform that will be entirely owned by Celsius creditors.
After reaching out to 130 potential parties and securing non-disclosure agreements with 40 of them, Celsius ultimately selected NovaWulf. Under NovaWulf’s proposal, customers could receive up to 70% of their money back.
Also Read: Debtors of Celsius Chose NovaWulf for Sponsorship of Sale Plan
As per an insider, the new bidders are deemed better than NovaWulf since they have the support of experienced crypto operators who could potentially generate more value by operating Celsius’s assets rather than selling them off in bulk.
Arrington proposes that the assets be placed into a new company and run with the sole goal of growing those assets to make stakeholders whole. The new company will own substantial bitcoin mining assets, retail and institutional loans, a variety of crypto core assets, and a venture capital portfolio.
Celsius filed for Chapter 11 Bankruptcy last July following the sudden suspension of withdrawals and transfers amid the market conditions even laying off about a quarter of its employees due to liquidity issues.
