Celsius Network, a cryptocurrency lending platform, may need to seek approval from creditors for its proposed shift to a Bitcoin mining venture. A U.S. bankruptcy judge expressed concerns about the sudden change, emphasizing the importance of reaching an agreement with the SEC. The judge highlighted that the transformation into a mining business deviates significantly from the original deal creditors voted on, potentially facing resistance. Celsius recently announced a scaled-back strategy due to the SEC’s skepticism about its original plans. The company’s attorney argued that a new vote is not necessary as the revised deal is equally beneficial for creditors. Two customers expressed dissent, suggesting complete liquidation instead. Celsius filed for Chapter 11 protection in July 2022, and the updated plan is expected to provide a 67% recovery for creditors, surpassing the previous arrangement. The Bitcoin mining venture will be overseen by U.S. Bitcoin Corp, a participant in the consortium alongside Arrington Capital.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Chris Koenig, Martin Glenn
Companies	Arrington Capital, U.S. Securities and Exchange Commission, SEC, U.S. Bitcoin Corp, Celsius Network
Currencies	Bitcoin
Securities	None