- US Bitcoin Corporation acquired the assets of the bankrupt Celsius Network in an auction.
- A court filing stated that the consortium Fahrenheit would acquire the assets of Celsius.
- USBTC, being a part of the consortium, would become the leading miner in the US, as per the proposal.
The industrial-scale operator of Bitcoin mining sites US Bitcoin Corporation has acquired assets from the bankrupt financial company Celsius Network, in a fierce auction. According to a press release, the mining platform has submitted the winning bid, in coalition with the consortium Fahrenheit which successfully emerged to acquire the assets of Celsius.
As per a court filing submitted on May 25, Fahrenheit would attain the holdings and investments of Celsius Network, the company that filed for bankruptcy in July 2022. The assets included a portfolio, cryptocurrencies, and mining machines. Fahrenheit is a consortium comprising the venture capital firm Arrington Capital, USBTC, Proof Group Capital Management, Steven Kokinos, and Ravi Kaza.
Michael HO, the CEO of USBTC commented on the substantial role of each member of the coalition:
Our specialized expertise and track record of execution ultimately secured Fahrenheit’s successful bid to restructure Celsius. Each member of the coalition brings extensive experience operating, optimizing, and scaling high-potential assets across web3 markets.
As per the reports, USBTC’s decision to buy the assets of the bankrupt company has been a strategic move to evolve as one of the largest miners in the United States, by increasing computing power to 12.2 exahash/s (EH/s), a range proportional to that of the mining giants including Core Scientific (CORZ), Riot Platforms (RIOT), and Marathon Digital Holdings (MARA).
The President of USBTC Asher Genoot asserted the company’s commitment to the Celsius creditors, adding that the firm would help another deserving partner emerge from bankruptcy stronger than ever. He assured that USBTC could work along with Celsius to show the world what they can achieve together.
The proposal intends to make the mining company enter into agreements with the restructured company becoming the exclusive operator of all the mining assets owned by Celsius. Also, USBTC would receive an amount of $15 million per year from the consortium to manage the mining division of the company.