Gemini and Coinbase are bidding for Celsius Network's assets

Gemini and Coinbase are bidding for Celsius Network’s assets

Altcoin news, News

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 that Coinbase is backing Farneheit’s bidding, while the Blockchain Recovery Investment Committee is backed by Van Eck, Global X Digital, LLC, Plutus Lending, and Gemini Trust Company, LLC.

The auction for Celsius’ assets 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.

Customers could receive up to 70% of their money back. 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.

Celsius filed for Chapter 11 Bankruptcy last July following the sudden suspension of withdrawals and transfers due to liquidity issues.

Compiled by Coinbold

blockchain, BTC, Celsius, Coinbase