TechFlow news: The Official Committee of Unsecured Creditors of Celsius stated that the auction will be held on April 25, with bidders including digital asset investment firms NovaWulf, Fahrenheit, LLC, and Blockchain Recovery Investment Committee.
Fahrenheit, LLC is directly or indirectly owned by Arrington Capital, U.S. Data Mining Group, Inc. (d/b/a U.S. Bitcoin Corp.), Proof Group Capital Management LLC, Steven Kokinos, and Ravi Kaza.
The Blockchain Recovery Investment Committee includes Van Eck Absolute Return Advisers Corporation, Global X Digital, LLC, among others.
Celsius's bidding procedures have been approved by a U.S. federal judge and the U.S. Bankruptcy Court for the Southern District of New York. According to the court order governing the bidding process, the debtors, in consultation with the committee, have determined in their reasonable discretion that conducting an auction will maximize the value of the estate.
Earlier reports indicated that NovaWulf plans to take over all of Celsius’s assets and transfer them into a new company after creditors are paid. NovaWulf would manage the new company for five years, with its board jointly selected by NovaWulf and the Official Committee of Unsecured Creditors.
