Celsius Network, a US-based lender, plans to restructure itself into a Bitcoin mining company called Mining NewCo. This decision comes after receiving regulatory feedback and consulting with creditors. Initially, Celsius had proposed forming Fahrenheit NewCo, but due to potential regulatory complications, the company decided to focus solely on Bitcoin mining. The move reflects a trend in the crypto industry towards more traditional business practices that comply with regulations. Celsius intends to register shares in the new publicly traded mining company, aiming to create a sustainable and transparent business model post-bankruptcy. The company hopes that this shift will help it navigate its way out of bankruptcy and provide greater returns to creditors. Celsius filed for Chapter 11 bankruptcy protection in July 2022, citing complications from trading decisions and mismanagement of assets. The SEC has also filed a lawsuit against Celsius and its former CEO, Alex Mashinsky, who is currently out on bail. The cryptocurrency community and investors will closely monitor Celsius’ progress as it embarks on this new chapter, hoping for a successful turnaround in the volatile crypto market.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Alex Mashinsky
Companies	Mining NewCo, Official Committee of Unsecured Creditors, SEC, Celsius Network
Currencies	Bitcoin
Securities	None