Crypto Giants Coinbase, Gemini Join Celsius Auction War

• Two new consortiums, Project Fahrenheit and Blockchain Recovery Investment Committee, have joined the bidding war for Celsius Network’s assets.
• Project Fahrenheit is backed by Arrington Capital, Coinbase, VanEck and other investors.
• The Blockchain Recovery Investment Committee is supported by Gemini and VanEck.

Celsius Network Auction

The fate of Celsius Network, a crypto lending platform that went bankrupt last year, will be decided by auction on April 25 in New York. Two new consortiums have joined the bidding war for the company’s assets which include bitcoin mining equipment, crypto loans, and a venture capital portfolio.

Project Fahrenheit

One of the consortiums mentioned in the court documents is called Project Fahrenheit and is led by Arrington Capital – a venture capital firm founded by blockchain investor Michael Arrington. Other members of Project Fahrenheit are Proof Group Capital Management, former Algorand CEO Steven Kokinos and investment banker Ravi Kaza. It is reported that Coinbase was one of Fahrenheit’s backers but there has been no comment from them yet before going to press.

Blockchain Recovery Investment Committee

The other consortium looking to make a play for Celsius’s assets is the Blockchain Recovery Investment Committee which is supported by Gemini – an exchange founded by Winklevoss twins. The committee also includes VanEck – a fund manager who has filed for bitcoin ETF (Exchange-Traded Fund).

NovaWulf Digital Management Bid

These two new consortia will compete with NovaWulf Digital Management who initially offered to buy Celsius Digital assets. This bidder has proposed to pay between $45 million and $55 million in cash as well as create a public platform owned by Celsius creditors so that customers can recover up to 70% of their funds.

Conclusion

The auction date for Celsius Network’s assets has been set for April 25th in New York where two new bidders – Project Fahrenheit and Blockchain Recovery Investment Committee – are competing against NovaWulf Digital Management’s bid offer with potential returns up to 70% for its customers affected from bankruptcy proceedings last year.