Celsius, the cryptocurrency lending company that has been bankrupt since July 2022, is attracting interest from potential buyers. Competing groups backed by Apollo Global Management and Fortress Investment Group have come forward to buy the company for around $50 million each, according to The Wall Street Journal.
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Celsius in the process of being taken over
Celsius, the cryptocurrency lending company that filed for bankruptcy in July of 2022 and working to reimburse its injured customers, could well find a potential buyer.
According to information from the Wall Street Journal, the alternative management company Apollo Global Management and senior executives of the investment fund Fortress Investment Group would support each of the competing groups wishing to buy the company in difficulty.
As far as it is concerned, the Apollo company would support NovaWulf according to certain people “in the know about the question”. Fortress, for its part, supports the Fahrenheit LLC group. According to a Celsius tweet dated April 30, a third group by the name of Blockchain Investment Recovery Committee would also be in the race.
The precise amounts were not mentioned, but it would seem that each party has offered approximately $50 million for this acquisition. Thus, the different groups each proposed offers and counter-offers during an auction that lasted several weeks.
According to a lawyer representing Celsius, the name of the group taking over the crypto lending company is expected to be announced “soon”. Last February, Celsius had indicated his choice of Apollobut the other bands showed interest in the bankrupt company some time later, which resulted in the auction.
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Mining more interesting than cryptocurrency lending?
Although cryptocurrency lending was its core business, Celsius had also invested heavily in mining. And this is precisely what would seem to interest the various groups in the running, the latter not having planned to relaunch the lending activity in the hypothetical case that Celsius is relaunched.
This is not really a surprise, especially when we look at the case of BlockFi and Voyager Digital, which also declared bankruptcy last year. Nevertheless, the 2 lenders will not have succeeded in finding a buyerthe latter having no high value ancillary activity.
Regarding BlockFi, the company plans to proceed with its own liquidation in order to reimburse its customers in the best possible way. Same story for Voyager Digital, which should return only barely 36% of the assets due to its customers.
Tom Braziel, a partner at one of the funds that became a creditor to Celsiusthus welcomed the news, welcoming a now probable financial agreement:
“It’s good to see real companies stepping in with real money and trying to set up deals. »
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Source: Wall Street Journal
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