Celsius transitions from a bankrupt crypto lender to a mining-centric venture.
The move follows Chapter 11 confirmation along with feedback from the SEC.
Celsius discloses plans to create a publicly traded Bitcoin mining company that Celsius customers own.
The bankrupt crypto lender Celsius is set to undergo a significant transformation in its operation following confirmation of its Chapter 11 by the United States Bankruptcy Court for the Southern District of New York.
Celsius has disclosed its intention to shift its focus towards a mining-centric venture. This move came in response to feedback from the U.S. Securities and Exchange Commission (SEC) regarding certain aspects of its restructuring plan.
The confirmed plan initially outlined the creation of a new publicly traded Bitcoin mining company, referred to as “Mining NewCo,” which would be owned by Celsius customers. This strategic move aligned with the original vision of establishing a new company with Fahrenheit, LLC.
However, due to regulatory considerations raised by the SEC, Celsius has revised its approach. Celsius shared this development in a recent post on the X platform (formerly Twitter).
The post Celsius Comeback Plan Faces SEC Scrutiny, Prompts Mining NewCo Changes appeared first on Coin Edition.