Celsius Network LLC, a global cryptocurrency platform, is set to undergo a significant transformation following the confirmation of its Chapter 11 plan by the United States Bankruptcy Court for the Southern District of New York. This change comes after facing challenges with the U.S. Securities and Exchange Commission (SEC).
The restructuring plan initially involved creating a new company with Fahrenheit, LLC, focusing on various crypto business activities. However, the SEC’s request for more information about Celsius’ assets has led to a strategic pivot. Celsius is now planning to transition to a publicly traded Bitcoin mining company, owned by its customers, known as Mining NewCo.
Fahrenheit, an investment vehicle, had emerged as a key player in Celsius’ reorganization plans. The SEC’s involvement and requests for detailed information about Celsius’ assets and business operations have significantly influenced…
