Celsius Network's Shift Towards Bitcoin Mining Plan
NewsBTC
21 Nov 2023 6:00 PM
Cryptocurrency company Celsius Network has recently revealed the company planning on switching to a Bitcoin mining-Only company....
- Celsius Network, a bankrupt crypto lender, plans to transition into a Bitcoin mining-only company.
- The company filed for a reimbursement plan to resolve its financial challenges, with over 95% of creditors voting in favor.
- The new company will be known as Mining NewCo and will exclusively focus on Bitcoin mining operations.
- Celsius had initially planned to form a new company called Fahrenheit NewCo with the Fahrenheit Group, but this plan has been abandoned.
- The decision to switch to mining was influenced by feedback from the United States Securities and Exchange Commission (SEC).
- The assets that were supposed to be transferred to Fahrenheit NewCo will now be retained by Celsius's estates for regulatory reasons.
The sentiment of the article is neutral.
You May Ask
What is Celsius Network's plan following its bankruptcy court's confirmation?How did Celsius's creditors vote on the reimbursement plan?What triggered Celsius's decision to switch to a Bitcoin mining company?What was the initial plan for Celsius's future with the Fahrenheit Group?Why will Celsius retain certain assets instead of transferring them to Fahrenheit NewCo?