{"id":561785,"date":"2023-11-21T18:00:02","date_gmt":"2023-11-21T18:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=561785"},"modified":"2023-11-21T14:07:25","modified_gmt":"2023-11-21T14:07:25","slug":"celsius-networks-shift-towards-bitcoin-mining-plan","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/celsius\/celsius-networks-shift-towards-bitcoin-mining-plan\/","title":{"rendered":"Celsius Network’s Shift Towards Bitcoin Mining Plan"},"content":{"rendered":"

Bankrupt crypto lender Celsius Network has <\/span>revealed<\/span><\/a> that the company planning on switching to a Bitcoin mining-only company, following its bankruptcy court’s confirmation of the plan.<\/span><\/p>\n

Celsius Transition To Mining NewCo<\/span><\/h2>\n

Celsius Network<\/span><\/a>‘s transition into a mining company coincides with its bankruptcy proceedings. Over the past year, the digital assets company has experienced financial challenges, which led to its bankruptcy filing.<\/span><\/p>\n

In September, Celsius filed for a <\/span>reimbursement plan<\/span><\/a> as its bankruptcy plan to resolve the financial challenges in the company. This saw over 95% of <\/span>Celsius’ creditors<\/span><\/a> voting in favor of this reimbursement plan.<\/span><\/p>\n

According to the recent court filing, the cryptocurrency company intends to convert its services into Bitcoin mining operations exclusively and the new company will be known as Mining NewCo.<\/span><\/p>\n

Related Reading: CFTC Investigators Conclude Celsius And Former CEO Violated Rules, Potential Case Looms<\/a><\/div>\n

In addition, the company seems to have forsaken its initial plan for the company’s future with Fahrenheit Group. The firm asserted that the transition was the primary business of the new company to be formed with Fahrenheit, LLC.\u00a0<\/span><\/p>\n

This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the \u201cFahrenheit NewCo\u201d).<\/span><\/p><\/blockquote>\n

The new company which was supposed to be known as Fahrenheit NewCo was formed after it <\/span>purchased Celsius<\/span><\/a> this year after it purchased Celsius in a bidding war.<\/span><\/p>\n

Celsius and the Fahrenheit Group initially came to a deal that the group would provide the firm with funds and operational expertise. Fahrenheit successfully acquired the firm’s assets this year.\u00a0<\/span><\/p>\n

In the meantime, the firm is in touch with certain parties in order to organize the management of the Bitcoin mining company.<\/span><\/p>\n

\"Celsius\"
CEL trading at $0.23 on the 1D chart | Source: CELUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n

The SEC’s Imparted The Transition Move<\/span><\/h2>\n

The firm’s plan to switch to a Bitcoin mining company was triggered by the United States Securities and Exchange Commission’s (SEC) feedback after the court confirmed its plan. The company also highlighted that the new mining company will be owned by its customers.<\/span><\/p>\n

Related Reading: Celsius Sets New Standard: $1 Billion In ETH Staked As Deposits Show No Sign Of Slowing<\/a><\/div>\n

The filing stated:<\/span><\/p>\n

Celsius received feedback from the Securities and Exchange Commission <\/span>(the \u201cSEC\u201d) on certain aspects of the Plan, which has resulted in Celsius now intending to begin the process to apply to register the shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers (the \u201cMining NewCo\u201d).<\/span><\/p><\/blockquote>\n

Additionally, the feedback seems to have also imparted the initial plan of transferring the firm’s assets to the Fahrenheit Group. As noted in the filing, Celsius estates will retain certain of the assets in order to be monetized by the plan administrator.\u00a0<\/span><\/p>\n

However, based on the SEC\u2019s feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors (the \u201cCommittee\u201d), have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius\u2019s estates to be administered and monetized by the Plan Administrator and\/or Litigation Administrator for the benefit of creditors.<\/span><\/p><\/blockquote>\n

Featured image by Shutterstock, chart by Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bankrupt crypto lender Celsius Network has revealed that the company planning on switching to a Bitcoin mining-only company, following its bankruptcy court’s confirmation of the plan. Celsius Transition To Mining NewCo Celsius Network‘s transition into a mining company coincides with its bankruptcy proceedings. Over the past year, the digital assets company has experienced financial challenges, which led to its bankruptcy filing. In September, Celsius filed for a reimbursement plan as its bankruptcy plan to resolve the financial challenges in the company. This saw over 95% of Celsius’ creditors voting in favor of this reimbursement plan. According to the recent court filing, the cryptocurrency company intends to convert its services into Bitcoin mining operations exclusively and the new company will be known as Mining NewCo. Related Reading: CFTC Investigators Conclude Celsius And Former CEO Violated Rules, Potential Case Looms In addition, the company seems to have forsaken its initial plan for the company’s future with Fahrenheit Group. The firm asserted that the transition was the primary business of the new company to be formed with Fahrenheit, LLC.\u00a0 This was the core business of the new company that was proposed to be created with Fahrenheit, LLC that was described in the Plan (the \u201cFahrenheit NewCo\u201d). The new company which was supposed to be known as Fahrenheit NewCo was formed after it purchased Celsius this year after it purchased Celsius in a bidding war. Celsius and the Fahrenheit Group initially came to a deal that the group would provide the firm with funds and operational expertise. Fahrenheit successfully acquired the firm’s assets this year.\u00a0 In the meantime, the firm is in touch with certain parties in order to organize the management of the Bitcoin mining company. The SEC’s Imparted The Transition Move The firm’s plan to switch to a Bitcoin mining company was triggered by the United States Securities and Exchange Commission’s (SEC) feedback after the court confirmed its plan. The company also highlighted that the new mining company will be owned by its customers. Related Reading: Celsius Sets New Standard: $1 Billion In ETH Staked As Deposits Show No Sign Of Slowing The filing stated: Celsius received feedback from the Securities and Exchange Commission (the \u201cSEC\u201d) on certain aspects of the Plan, which has resulted in Celsius now intending to begin the process to apply to register the shares in a new publicly traded Bitcoin mining company that will be owned by Celsius customers (the \u201cMining NewCo\u201d). Additionally, the feedback seems to have also imparted the initial plan of transferring the firm’s assets to the Fahrenheit Group. As noted in the filing, Celsius estates will retain certain of the assets in order to be monetized by the plan administrator.\u00a0 However, based on the SEC\u2019s feedback, the Debtors, in consultation with the Official Committee of Unsecured Creditors (the \u201cCommittee\u201d), have determined that certain of the assets that were to be transferred to the Fahrenheit NewCo must, for regulatory reasons, be retained by Celsius\u2019s estates to be administered and monetized by the Plan Administrator and\/or Litigation Administrator for the benefit of creditors. Featured image by Shutterstock, chart by Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":561790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86559],"tags":[86358,83722,86561,90245,90246,90247,3799],"class_list":["post-561785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-celsius","tag-cel","tag-celsius","tag-celusdt","tag-fahrenheit-group","tag-minning-newco","tag-newco","tag-sec"],"acf":[],"yoast_head":"\nCelsius Network's Shift Towards Bitcoin Mining Plan<\/title>\n<meta name=\"description\" content=\"Cryptocurrency company Celsius Network has recently revealed the company planning on switching to a Bitcoin mining-Only company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Celsius Network’s Shift Towards Bitcoin Mining Plan","url":"http:\/\/wncen.com\/news\/celsius\/celsius-networks-shift-towards-bitcoin-mining-plan\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/celsius\/celsius-networks-shift-towards-bitcoin-mining-plan\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/celsius-by-shutterstock.jpg?resize=200%2C165","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/celsius-by-shutterstock.jpg?fit=306%2C165"},"articleSection":"Celsius","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["cel","celsius","celusdt","fahrenheit group","minning newco","newco","sec"],"dateCreated":"2023-11-21T18:00:02Z","datePublished":"2023-11-21T18:00:02Z","dateModified":"2023-11-21T18:00:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Celsius Network’s Shift Towards Bitcoin Mining Plan\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/celsius\\\/celsius-networks-shift-towards-bitcoin-mining-plan\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/celsius\\\/celsius-networks-shift-towards-bitcoin-mining-plan\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/celsius-by-shutterstock.jpg?resize=200%2C165\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/celsius-by-shutterstock.jpg?fit=306%2C165\"},\"articleSection\":\"Celsius\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"cel\",\"celsius\",\"celusdt\",\"fahrenheit group\",\"minning newco\",\"newco\",\"sec\"],\"dateCreated\":\"2023-11-21T18:00:02Z\",\"datePublished\":\"2023-11-21T18:00:02Z\",\"dateModified\":\"2023-11-21T18:00:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/celsius-by-shutterstock.jpg?fit=306%2C165","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561785"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=561785"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/561790"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=561785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=561785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=561785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}