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Gemini, Coinbase Among Bidders for Celsius Network's Assets in Upcoming Auction

Crypto exchanges Gemini and Coinbase are among the bidders for bankrupt crypto lender Celsius Network's assets in an auction scheduled for April 25 in New York. Two consortiums, Fahrenheit and the Blockchain Recovery Investment Committee, are also participating in the bids. NovaWulf Digital Management, the Stalking Horse Bidder, is also disputing the assets with a proposal that includes a cash contribution of $45 million to $55 million and the creation of a new public platform fully owned by Celsius creditors.

The Fahrenheit consortium, backed by venture capital firm Arrington Capital, proposes the creation of a new company to grow the assets and make stakeholders whole. The auction is a major step for Celsius' customers to recover their funds after the company filed for Chapter 11 bankruptcy in July 2022.

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