Celsius debtors to restructure defunct lender into Bitcoin miner instead of asset transfer


21 Nov 2023 6:30 PM

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.

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You May Ask

What is Celsius Network's new plan as part of its restructuring?Who will own the new entity, Mining NewCo?Why did Celsius decide to alter its initial plan?What does Celsius' focus on Bitcoin mining indicate about the crypto industry?What are the potential benefits of the pivot towards Bitcoin mining for creditors and the company?

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