Bankrupt crypto lender Celsius said it has selected a proposal from Fahrenheit, a group of venture capital firms, as the winning bid to oversee its bankruptcy exit.
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In a press release on Thursday, Celsius said Fahrenheit will provide the capital, management team, and technology required to "successfully establish and operate the new company contemplated in the bid."
As part of a Chapter 11 plan, Celsius will distribute liquid cryptocurrency to account holders and will create a new public reporting company that will manage Celsius' illiquid assets such as institutional loan portfolio, mining business, and alternative investments. Celsius noted that under the plan, Celsius' account holders will own 100% of the new equity in the new company.
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