Celsius Network's Shift Towards Bitcoin Mining Plan


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.

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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?

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