Bankrupt lending platform Celsius Network LLC has announced that it has selected a proposal by Fahrenheit as the winning bid to lead the company out of bankruptcy, according to reporting by Reuters.

Celsius, which filed for Chapter 11 protection in July, sought a buyer to manage its cryptocurrency lending and bitcoin mining businesses. The chosen consortium, Fahrenheit, includes Arrington Capital, a blockchain-based venture capital firm. In addition to the consortium acquiring the company, a new board of directors, primarily appointed by creditors, will oversee the new company formed as a result of the purchase.

Celsius also revealed that it has secured a backup bid from the Blockchain Recovery Investment Consortium (BRIC), a holding company affiliated with Gemini Trust, owned by the Winklevoss twins, ensuring an alternative option in case the deal with Fahrenheit falls through.

According to Celsius, Fahrenheit will provide the necessary capital, management expertise, and technology to navigate the bankruptcy. The consortium's selection indicates a potential positive outcome for Celsius and its creditors, allowing the company to move forward under new management and ownership.