Michael Arrington Resigns from Celsius-Related Board

Michael Arrington, the proprietor of Arrington Capital, has resigned from the board of the Delaware company formed from the defunct cryptocurrency lender Celsius just thirteen days after agreeing to do so.

Ravi Kaza, a member of Fahrenheit Holdings, the consortium that submitted the winning proposal to acquire Celsius’s assets in May, will succeed Arrington.

Arrington said his decision to leave resulted from disagreements concerning “some of the decisions taken around the board constitution and, in particular, the board observers” in a post on X.

Arrington also noted that his statement was “heavily edited by attorneys.”

Still, he affirmed that he continues to support the transaction completely and looks forward to contributing “in ways other than serving on the board of directors.”

Arrington’s departure follows the appointment of three new board observers to “NewCo,” the unnamed corporation whose operations will replace Celsius’s.

The only one of the three contemporary observers Arrington did not “warmly greet” to the position in his X post appears to be Simon Dixon.d

In a quote post in response to Arrington’s announcement, Dixon welcomed Kaza to the board and stated, “I wish you the best, Michael Arrington @arrington. Feel free to unblock me. No offense was taken. Onwards and Upwards. Nothing but love from me.”

In their posts, Arrington and Dixon both hinted that more of the story would ultimately be revealed, with Arrington stating, “I am unable to provide many details as to why I requested this change, but that information will emerge in due time.” Dixon said, “[Fahrenheit] will one day tell this story, as this is their election.”

Creditors of Celsius are awaiting the results of a vote to determine whether the company’s proposal to sell assets to the Fahrenheit consortium will be approved.

A filing indicates that the results of the referendum, which concluded on September 22, will be announced by 4:00 p.m. Eastern Time on Monday, September 25.

At a hearing currently scheduled for October 2, the United States Bankruptcy Court for the Southern District of New York will hear the case and adjudicate on the final approval of the plan following creditor approval.

If the creditor referendum fails, Celsius and Fahrenheit will return to the drawing board.