The now-defunct crypto lender Celsius has received authorization to pivot to bitcoin mining, following approval from U.S. District Judge Martin Glenn of Manhattan for the firm’s revised strategy. This move comes after the company’s initial proposal encountered obstacles from the U.S. Securities and Exchange Commission (SEC) at November’s end.
Celsius Wins Court Approval to Pivot to Bitcoin Mining Amidst Restructuring Efforts
Initially greenlit for restructuring by the court, Celsius encountered resistance from the U.S. securities regulator. On Nov. 20, 2023, the firm disclosed a shift solely to bitcoin mining. Celsius acknowledged it “received feedback” from the SEC, leading to plans to commence registration of shares in a newly public bitcoin (BTC) mining company, Mining Newco, to be customer-owned.
This week, U.S. District Judge Martin Glenn sanctioned Celsius’ updated blueprint to transition into a bitcoin mining enterprise. Celsius debtors anticipate the total costs and
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