Fahrenheit will now buyout bankrupt lender Celsius Network after emerging as the most qualified bidder.
Celsius’ assets were previously valued at around $2 billion. Fahrenheit must pay a deposit of $10 million in three days to seal the deal.
Fahrenheit will acquire Celsius’ institutional loan portfolio, staked cryptocurrencies, mining unit and additional alternative investments.
Fahrenheit beat the Blockchain Recovery Investment Consortium, and rival bidder NovaWulf for the deal.
Under the terms of the deal, the new company will get between $450 and $500 million in liquid cryptocurrency, and US Bitcoin Corp will construct a range of crypto mining facilities including a new 100 megawatt plant.
The bid, though accepted by Celsius and a committee of its creditors, must still be approved by regulators to finalize the acquisition.