Fahrenheit Consortium Outbids Rivals, Acquires Celsius Network's Assets

In a significant development, the crypto consortium Fahrenheit, comprised of Arrington Capital and U.S. Bitcoin Corp, has successfully acquired the troubled crypto lender Celsius Network, surpassing the competing bid from NovaWulf. The acquisition encompasses Celsius Network's assets valued at approximately $2 billion, including institutional loans and staked cryptocurrencies. To complete the deal, Fahrenheit is required to deposit $10 million within a three-day timeframe. While regulatory approval is still pending, Celsius Network is actively engaging in negotiations and preparing the necessary documentation, awaiting approval from the bankruptcy court. The crypto industry is experiencing a downturn due to Celsius' insolvency, presenting challenges for the sector.