Arrington-Led Group Wins Rights to Manage Celsius Assets
- Celsius creditors will own 100% of new crypto entity
- Fahrenheit group will get $35 million annual management fee
Celsius filed for bankruptcy with a $1.19 billion deficit in July last year.
Photographer: David Williams/BloombergThis article is for subscribers only.
Failed crypto lender Celsius Network LLC is poised to restart as a new company after Fahrenheit LLC, a group of bidders led by investment firm Arrington Capital, won an auction to oversee its assets.
Fahrenheit vied for the rights to operate the remains of Celsius in an auction that was held as part of the lender’s bankruptcy process, ultimately beating out rivals including Novawulf Digital Management and a consortium backed by crypto exchange Gemini Trust Co.