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Celsius Network, a US-based cryptocurrency lending platform, is moving forward with its plan to enter the Bitcoin mining business after receiving approval from a bankruptcy judge. The judge granted Celsius permission to amend its bankruptcy plan following an obstacle from the US Securities and Exchange Commission (SEC).
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Celsius filed for bankruptcy protection in July 2022, following a period of industry growth during the COVID-19 pandemic. However, after the SEC rejected the plan, the company decided to focus on Bitcoin mining and new business lines.
The restructuring plan will free up $225 million in cryptocurrency assets to finance the rejected business lines. Celsius’s interim CEO, Chris Ferraro, emphasized the importance of the decision, saying, “We are focused on distributing the cryptocurrency immediately.”
Celsius Network has selected US Bitcoin Corp. to carry out its mining operations. This move is seen as a major step in the company’s efforts to achieve its broader goals and accelerate the post-bankruptcy recovery process. Celsius plans to exit bankruptcy in early 2024.
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