Industrial-scale Bitcoin mining operator, US Bitcoin Corporation, has successfully acquired assets from the bankrupt financial company Celsius Network in a highly competitive auction. The acquisition was made in collaboration with the Fahrenheit consortium, which emerged victorious in securing the assets of Celsius, according to a recent press release.
Court documents filed on May 25 confirm that Fahrenheit, a consortium consisting of venture capital firm Arrington Capital, USBTC, Proof Group Capital Management, Ravi Kaza, and Steven Kokinos,, will gain control of Celsius Network’s holdings and investments. These assets include a diverse portfolio of cryptocurrencies and mining machines.
The acquisition by USBTC is a strategic move aimed at solidifying its position as one of the largest miners in the United States, with a projected computing power of 12.2 exahash/s (EH/s), comparable to industry giants such as Core Scientific (CORZ), Riot Platforms (RIOT), and Marathon Digital Holdings (MARA).
USBTC President, Asher Genoot, emphasized the company’s dedication to Celsius Network’s creditors and expressed a commitment to helping the restructured company emerge from bankruptcy even stronger. Genoot assured that USBTC and Celsius Network would work together to showcase their combined potential and achievements to the world.
Exclusive Operator Agreement and Financial Arrangements
The proposed agreement outlines USBTC’s role as the exclusive operator of all mining assets owned by Celsius once the company has been restructured. As part of the deal, the consortium will provide USBTC with an annual payment of $15 million to manage the mining division of the company. This arrangement will enhance USBTC’s mining capabilities and bolster its position in the rapidly evolving cryptocurrency landscape.
Strengthening Partnerships and Industry Influence
The acquisition signifies the growing importance of strategic partnerships within the cryptocurrency industry. By joining forces, US Bitcoin Corporation and Celsius Network aim to leverage their combined expertise and resources to drive innovation and further advance the mining sector. The collaboration also demonstrates the confidence placed in USBTC’s capabilities and positions the company as a key player in the global cryptocurrency mining market.
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