The Battle for Celsius Network’s Assets
The highly anticipated auction scheduled for April 25 in New York promises to be a thrilling showdown between two heavyweight consortiums vying for the assets of the bankrupt Celsius Network. With crypto exchanges like Gemini and Coinbase stepping into the ring, this event is drawing more attention than a dog chasing its tail at a park.
Meet the Contenders
On one side of the battleground, we have the Fahrenheit consortium, led by venture capital firm Arrington Capital, which is owned by the well-known blockchain investor Michael Arrington. This team isn’t stepping into the ring without backup; they are joined by the likes of Proof Group Capital Management, former Algorand CEO Steven Kokinos, and investment banker Ravi Kaza. Arrington was so eager to share the news, he tweeted about it—before hitting delete faster than you can say “oops.”
“Coinbase is in our corner,” he tweeted. However, Coinbase chose to keep mum when asked to comment, which much like my cat during bath time, left us wondering what they were really thinking.
The Opposing Squad: Blockchain Recovery Investment Committee
Facing off against Fahrenheit is the Blockchain Recovery Investment Committee, which boasts some heavyweight names like **Gemini exchange**, fund manager **VanEck**, Bitcoin mining firm **Global X Digital**, and **Plutus Lending**. If there’s a team you wouldn’t want to mess with in a game of dodgeball, it might just be them!
The Stalking Horse and What It Means
Both consortiums will have to contend with NovaWulf Digital Management, the designated “stalking horse bidder.” In auction terms, that means they’re the first ones to throw their hat in the ring, essentially setting the baseline for the competition. They propose a hefty cash offer between $45 million to $55 million and aim to establish a new public platform owned entirely by Celsius creditors. Rumor has it under this proposal, customers might see a recovery of up to 70% of their funds. That’s like finding a $20 bill in an old coat pocket!
The Vision for the Future
According to Arrington, the Fahrenheit consortium has grand plans of its own, indicating that they too aim to create a new company designed specifically to grow the assets. The plan includes grabbing hold of Bitcoin mining assets, retail and institutional loans, and an enticing venture capital portfolio. To oversee this fantastic voyage? A crew of
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