This must be a new definition of “win” that I hadn’t previously encountered…
NEWS: Fahrenheit has won a bid to acquire insolvent lender @CelsiusNetwork at $2B.
đź“°: https://t.co/iJVTndtwvR pic.twitter.com/va5IZiqCYV
— CoinGecko (@coingecko) May 25, 2023
‘Fahrenheit, a consortium of buyers that includes venture capital firm Arrington Capital and miner US Bitcoin Corp, was selected as successful bidder following a lengthy auction process.‘
So Fahrenheit is an entity created especially for this acquisition. The name is an intentional play on Celsius, not a coincidence. But still… LOL!
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What type of fookery is this? Why pay 2 Billion to acquire an insolvent lender?
Insolvent = worthless. Maybe I missed something?