- A consortium of investors backed by Arrington Capital and Coinbase (NASDAQ:COIN) is set to bid on Celsius tomorrow.
- The potential buyers have a roadmap for Celsius which includes exploring mining and institutional lending.
- The consortium will face competition from another group of investors backed by Gemini.
Michael Arrington, one of the buyers lined up to acquire the assets of Celsius Network, is planning to place the bankrupt crypto lender into a new company and branch out into other sectors like mining and institutional lending. The new company would reportedly explore venture capital investing as well.
Arrington’s Arrington Capital is part of a consortium of investors that is set to bid on Celsius tomorrow. The consortium is backed by the likes of Coinbase, U.S. Data Mining Group, the former CEO of Algorand Steven Kokinos, and investment banker Ravi Kaza. The group will bid as Fahrenheit LLC.
Fahrenheit LLC’s Celsius bid will face competition from the Blockchain Recovery Investment Committee, a separate consortium of investors backed by Van Eck Absolute Return Advisers Corporation, Global X Digital, Plutus Lending, and the Winklevoss-owned Gemini Trust Company. This group will also be bidding for the bankrupt crypto lender tomorrow.
Arrington took to Twitter recently to lay out his vision for Celsius in the event that his group emerges as the top bidder in the auction.
Our bid is not structured as a simple asset purchase. We are proposing that the assets be placed into a new company and run with the sole goal of growing those assets to make stakeholders whole.
The Arrington Capital chief plans to venture into bitcoin mining, retail, and institutional lending, in addition to owning core crypto assets and a venture capital portfolio. For this part of the business, his consortium has tapped the US Bitcoin Corp and Proof Group’s Noah Jessop. Arrington has expressed his desire to not liquidate Celsius and keep it functional. The live auction is scheduled for April 25 at 2 pm at Kirkland & Ellis’ Manhattan office.
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