Celsius' initial bidder, NovaWulf Digital Management, now faces competition from veteran crypto firms. However, Celsius may end up paying up to $20 million in break fees to NovaWulf if it decides to go with a different buyer.
The upcoming live auction of the Celsius Network will see participation from the likes of Coinbase and Gemini.
The new investor groups will bid against NovaWulf Digital Management, which emerged as the initial buyer of Celsius last year., TechCrunch founder Michael Arrington is leading a new consortium of investors called Fahrenheit LLC, to acquire Celsius’ assets in tomorrow’s auction. A second consortium of investors, backed by the Gemini Trust Company, includes Van Eck Absolute Return Advisers Corporation, Global X Digital, and Plutus Lending LLC.
People familiar with the matter believe that the new bidders have a better chance of winning the deal to acquire the bankrupt law firm, given their backing by crypto heavyweights like Coinbase and Gemini.
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