Celsius Network to focus on Bitcoin mining following SEC’s latest feedback

November 21, 2023 02:10 AM PST | By Invezz

Celsius Network to focus on Bitcoin mining following SEC’s latest feedback — Image source: Invezz

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Cryptocurrency company Celsius Network has revealed plans to transition its services into Bitcoin mining-only operations. That comes amid its insolvent proceedingsThe digital assets firm has witnessed financial troubles over the last year, which saw it file for bankruptcy.

JUST IN: Celsius announces plans to transition to a #Bitcoin mining company, to be owned by Celsius' customers.#CryptoNews #BTC
— BSCN (@BSCNews) November 21, 2023

Meanwhile, the US Securities & Exchange Commission’s feedback after the court confirmed Celsius’ insolvent plan triggered the company’s switch to mining-centered undertakingsCelsius Network will proceed to “register shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers.”

In that context, the company has abandoned the initial plan of creating a firm with Fahrenheit LLC, citing regulatory obstaclesFahrenheit won the $2 billion bid to purchase the Celsius Company.

Meantime, Celsius is in contact with certain parties as it plans the management of the Bitcoin mining firm Mining NewCo.

Further, the crypto firm will seek court approval to pivot its offerings into mining-onlyThe firm remains confident that the modifications will not need plan re-solicitation (despite the strategic transition) and expects to start creditor distribution early next year.

“The debtors still anticipate that distributions to creditors will commence in January of 2024.”

Celsius Network expects the transition to magnify liquid crypto distribution for creditor payouts and reduce management fees.

The post Celsius Network to focus on Bitcoin mining following SEC’s latest feedback appeared first on Invezz

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