Celsius debtors to restructure defunct lender into Bitcoin miner instead of asset transfer
Celsius Network's pivot from lending to Bitcoin mining marks a strategic transformation aimed at sustainable growth....
- Celsius Network, a defunct lender, plans to turn itself into a Bitcoin miner as part of its restructuring.
- The new entity, called Mining NewCo, will be owned by Celsius customers.
- The company decided to alter its initial plan of forming Fahrenheit NewCo due to regulatory feedback and consultations with creditors.
- Celsius will focus solely on Bitcoin mining, reflecting a trend towards more traditional business practices in the crypto industry.
- Mining NewCo aims to create a sustainable and transparent business model post-bankruptcy, providing greater returns to creditors.
The article highlights Celsius Network's shift towards Bitcoin mining as part of its restructuring plan. This move is seen as a strategic step towards creating a more sustainable and transparent business model post-bankruptcy. The sentiment is generally positive, as it signifies a potential turnaround for the company and increased stability in the crypto market.