Celsius' successor, currently dubbed “NewCo,” will be seeded with up to $450 million in cryptocurrency, according to a filing.
Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank ChaparroCelsius’ successor, currently dubbed “NewCo,” will be seeded with up to $450 million in cryptocurrency, with plans for a Nasdaq listing, according to a filing.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
“Fahrenheit believes in the business,” Celsius lawyer Christopher S. Koenig said at the hearing. “They are putting their money where their mouth is.” Fahrenheit made thein May, led by crypto investment firm Arrington Capital. Fahrenheit plans to take over Celsius' institutional loan portfolio, staked crypto and bitcoin mining unit.
Judge Martin Glenn is currently considering whether to approve NewCo’s reorganization plan, which also needs to be cleared by securities regulators. The majority of creditors impacted by the Celsius bankruptcy. However, some customers still oppose the move. An affiliate of Lantern Ventures that says it’s owed $82 million argues Celsius’ advisers have overvalued the new business, Bloomberg noted.
If the court approves Celsius's proposal, it would mark the first instance of a crypto platform's revival post-bankruptcy after a series of insolvencies jolted the crypto industry last year. If the plan fails, Celsius may go into liquidation, which could result in lower recoveries for creditors.in July last year, owing billions of dollars to investors amid a broader crypto downturn.
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