Fahrenheit Vs Coinbase: Battle for Celsius’s $2 Billion Crypto Assets Heats Up

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A consortium named Fahrenheit, comprising venture capital firm Arrington Capital and miner U.S. Bitcoin Corp, has emerged as the lead bidder in the auction for bankrupt lender Celsius’s $2 billion worth of assets. The auction, which could conclude as early as this week, originally featured investment firm NovaWulf as the stalking horse bidder.

The assets in question include Celsius’s mining unit, loan portfolio, staked cryptocurrency, and other alternative investments, according to court filings. Fahrenheit is backed by several key players, including Arrington Capital, U.S. Bitcoin Corp, investment firms Proof Group Capital Management and former Algogrand CEO Steven Kokinos, as well as investment banker Ravi Kaza. The consortium is formalized as a limited liability company.

On the other hand, popular cryptocurrency exchange Coinbase is also reportedly involved in the bid, as mentioned by Michael Arrington, the founder of Arrington Capital, in a now-deleted tweet. It’s worth noting that both the Fahrenheit and Novawulf bids share similarities, such as Fahrenheit’s plan to issue equity for the assets under the new company’s management, following the previous proposal by Novawulf to tokenize shares on the Providence blockchain.

Arrington stated that their bid is structured differently from a simple asset purchase. He tweeted, “We are proposing that the assets be placed into a new company and is run with the sole goal of growing those assets to make stakeholders whole.”

Another consortium, consisting of Van Eck Absolute Return Advisers Corporation, decentralized finance firm Global X Digital, and Gemini Trust Company,

Source: Coindesk

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