Three-way Bidding War for Celsius To Begin Tuesday

New bidders include Fahrenheit LLC and the Blockchain Recovery Investment Committee, backed by Gemini and Van Eck


Artwork by Axel Rangel modified by Blockworks


Celsius is scheduled to go to auction Tuesday, with new bidders hoping to take over the failed crypto lending service.

NovaWulf Digital Management is the stalking horse bidder for the auction, meaning the company set the initial low-end bid. Other bidders are Fahrenheit LLC and the Blockchain Recovery Investment Committee, according to a Saturday court filing. 

“What has happened to the stakeholders of Celsius is an absolute tragedy and has affected the entire industry,” Fahrenheit backer Michael Arrington said on Twitter Saturday. “We want to help put the pieces back together and will work tirelessly to do this.”

Fahrenheit’s bid is “not structured as a simple asset purchase,” Arrington said. 

“We are proposing that the assets be placed into a new company [which] is run with the sole goal of growing those assets to make stakeholders whole,” he added. 

The Blockchain Recovery Investment Committee includes Van Eck Absolute Return Advisers Corporation, Global X Digital and Gemini Trust Company. 

The auction is set to begin Tuesday at 2 pm in New York. 

Celsius filed for bankruptcy in July after halting withdrawals the month prior, due to “extreme market conditions,” the company said.

Celsius had $5.5 billion in liabilities and $4.3 billion in assets, according to previous filings — leaving it with at least a $1.2 billion shortfall.Investment bank Centerview Partners contacted more than 130 potential bidders for Celsius’ assets, according to a February filing in the US Bankruptcy Court in the Southern District of New York.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

recent research

Research Report Templates (1).png


Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs, and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1M to 10M units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel.


Plus, a look into Lighting Labs’ newest feature


Crypto’s Wild West era is over — it’s time to embrace regulation to secure the future of digital assets


Plus, Solana has now surpassed Ethereum in trailing 30-day decentralized exchange volume


Polymarket betters say Kamala Harris has better odds than Biden of winning against Trump


Bitcoin’s down Tuesday, while ETH-correlated assets like ENS and ARB see growth