In July 2022, Celsius Network filed for Chapter 11 bankruptcy. CEO Alex Mashinsky acknowledged that Celsius had grown its assets "faster than the Company was prepared to deploy [them]" and as a result had made "certain poor asset deployment decisions." Two months after filing, Celsius initiated a marketing and sale process to identify potential buyers for its assets. By April 2023, the field was reduced to NovaWulf and Fahrenheit, LLC. Both bidders proposed reorganizing Celsius' business as a going concern and giving its creditors and 1.7 million customers near-total ownership of the reorganized company. However, the ultimate fate of Celsius' many stakeholders remained anything but clear.