Celsius Network, a bankrupt crypto lender, has announced its plans to transition into a Bitcoin mining-only company. This decision comes after the company’s bankruptcy court confirmed its plan. Celsius had been facing financial challenges and filed for a reimbursement plan to resolve its issues. The majority of its creditors voted in favor of this plan. The company intends to convert its services exclusively to Bitcoin mining operations and will be known as Mining NewCo. Previously, Celsius had planned to form a new company called Fahrenheit NewCo with Fahrenheit Group, but this plan has been abandoned. The transition to a mining company was prompted by feedback from the United States Securities and Exchange Commission (SEC), and the new mining company will be owned by Celsius customers. Celsius will retain certain assets to be monetized by the plan administrator. The firm is currently in discussions with various parties to organize the management of the Bitcoin mining company.

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

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	Mining NewCo, Fahrenheit Group, United States Securities and Exchange Commission (SEC), Celsius Network
Currencies	Bitcoin, Bridged Tether, Celsius Network
Securities	None