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Judge approves Celsius' transformation into a Bitcoin mining company.
According to Bloomberg, the crypto lending firm Celsius Network LLC has obtained approval from a bankruptcy court judge for its plan to transform into a Bitcoin mining company owned by creditors, with Bitcoin and Ethereum assets worth about $2 billion being reallocated along with equity in NewCo to Celsius creditors. Lawyers for Celsius stated that the platform may begin distributing assets in early next year. The company mentioned that the transformation plan still needs approval from the SEC, and if all goes as planned, the new company will go public. The SEC might scrutinize any crypto asset transactions they consider involving securities. If the proposal fails, Celsius might turn to liquidation. The judge urged the SEC to make a prompt decision on Celsius' plan. |
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Post time 14-11-2023 13:48:10