Good day and welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Friday, May 26. In today's newsletter, Celsius named the winning bidder to manage its remaining business lines outside of bankruptcy, raising the odds that the crypto lender will avoid a value-destructive liquidation. And KKR's GenesisCare is nearing bankruptcy, highlighting the continued stress in the U.S. healthcare sector. 

Note to readers: The newsletter won't be published on Monday in observance of Memorial Day in the U.S. We will be back on Tuesday.

Celsius names Michael Arrington's Fahrenheit as winning chapter 11 bidder. Cryptocurrency lender Celsius Network selected Fahrenheit, a group of investors led by TechCrunch founder Michael Arrington, to run the reorganized company as it moves toward emerging from bankruptcy.

Celsius will distribute cryptocurrency to customers and will create a reorganized public company to manage illiquid assets, including its nascent bitcoin-mining business. Under the sale agreement, Celsius customers will own nearly all the equity in the new company, subject to dilution from shares that will be distributed to Fahrenheit as management fees. Account holders who had cryptocurrency in the company’s high-interest savings accounts will receive their prorated share of crypto left on the platform.

Crypto firm DCG to close institutional trading platform TradeBlock. Digital Currency Group is closing down its institutional trading platform subsidiary at the end of the month, following an unsuccessful effort to sell the business, according to people familiar with the matter.

The crypto conglomerate said Thursday that it would shutter TradeBlock on May 31. In recent months, DCG had tried to sell the platform for a few million dollars, some of the people said. DCG is separately embroiled in the chapter 11 case of its Genesis Global Capital unit, which is in the midst of mediated talks about how to end the bankruptcy.

High-tech farm startups laid low. The struggles of indoor-agriculture companies mark the latest faltering efforts by entrepreneurs to use technology to upend established industries. Startups that promised to make farming a high-tech business are withering, suffering from rising costs, tight financing, pests and other problems that have troubled traditional agriculture for centuries.

Investors poured billions of dollars into companies such as AppHarvest that use advanced technology such as sensors and robots to offset weather-related risks, use less water and produce more consistent crops. Shares of the two companies are down more than 95% since they went public in 2021, and in recent months at least four companies in the sector have shut down or filed for bankruptcy.

Yield-curve pioneer Campbell Harvey believes an economic contraction could begin this month and last two to three quarters. “The question is how deep the recession will be,” he said.

Although AI offers benefits, some sectors are finding challenges. The tech was supposed to transform insurance; it hasn’t. And cybersecurity chiefs say the promises and risks of early generative AI are overblown.

Companies are facing more shareholder proposals from both sides of the political spectrum, dragging them into the increasingly fractious conversations over environmental, social and governance issues.

Raising money has always been hard for fund managers with shorter track records, especially as investors have migrated toward larger managers in recent years. But since the private-equity fundraising slowdown began last year, these dynamics have intensified.

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Soma Biswas; Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Alexander Saeedy; Andrew Scurria; Becky Yerak. 

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