The consortium Fahrenheit would propose hundreds of millions of dollars from more than NovaWulf to acquire the assets from Celsius. The crypto lender also unlocks its ethers in staking with the protocol Lido.
The sky is clearing for the bankrupt company Celsius. According to one of his lawyers, Ross Kwasteniet, the crypto lender is in the process of closing the sale of its assets. Fahrenheit would be the best bidder in this auction process.
The consortium, which includes the crypto VC Arrington Capital and the miner Bitcoin Corpwould have proposed a higher offer of “hundreds of millions of dollars” than the previous one formulated by NovaWulfan investment firm and subsidiary of TeraWulf.
A better offer from Fahrenheit
The auction was aimed at finding a buyer for the crypto lending and Bitcoin mining business so as to extract it from bankruptcy. Celsius was in the process of accepting an offer from NovaWulf.
Reuters states that the actor had finally decided to consider earlier offers from Fahrenheit and Blockchain Recovery Investment Committee, a holding company with capital ties to the Winklevoss twins’ Gemini Trust.
Celsius now plans to make raise the stakes between Fahrenheit and NovaWulf. Ross Kwasteniet says however that the process should be finalized within a week and the name of the buyer known.
Celsius converts its stETH to ETH
The company should not suffer the same fate as Voyager Digitalanother crypto lender forced into liquidation. Celsius will soon be able to replenish its coffers – and compensate its creditors.
The latter is indeed engaged in a massive unstaking operation in order to recover its ETH blocked until now on the Lido Finance protocol. Hundreds of millions of dollars had been invested by Celsius in stETH.
Illiquid, these tokens had precipitated the company’s bankruptcy. Thanks to Ethereum’s Shapella update, it can now convert its stETH into ethers. Transactions are underway. A first withdrawal of 240,000 stETH has been activated.
And there are still about 188,000 stETH tokens that can be converted into ETH at Lido Finance. Remember that in March, Celsius had also launched the conversion of its wBTC into bitcoins. Enough to repay its debts estimated at 4.7 billion dollars.
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