Court approves Celsius Network’s Bitcoin mining plan

5:52 am
December 29, 2023

### US Bankruptcy Court Approves Celsius Network’s Bitcoin Mining Plan

The US Bankruptcy Court for the Southern District of New York has given the green light to Celsius Network’s restructuring plans for bitcoin mining. The approval comes as part of the ongoing Chapter 11 bankruptcy proceedings that the crypto lender initiated in July 2022.

The court’s decision, issued by Judge Martin Glenn, allows Celsius to proceed with its restructuring strategy, emphasizing a shift towards Bitcoin mining. The move follows objections to the plan, signaling Celsius Network’s attempt to navigate away from the impactful bankruptcy proceedings.

Celsius Network, in collaboration with US Bitcoin Corp, announced an agreement to host 8,500 miners for the mining venture. This strategic shift is viewed as a crucial step for the company as it seeks to chart a new course amidst the bankruptcy proceedings.

#### Celsius Customers Allowed Withdrawals
Following the court’s recent approval, $225 million in crypto assets previously earmarked for business operations, which were rejected by the SEC, will now be available for distribution to Celsius customers. Moreover, shares in the new mining company will be accessible to customers.

Celsius initiated a process allowing eligible participants in its custody program to make withdrawals, permitting them to access 72.5% of their crypto holdings. The deadline for withdrawals has been set for February 28, 2024.

This article originally appeared on [CoinJournal] (https://www.reuters.com/technology/celsius-network-wins-court-approval-shift-bitcoin-mining-2023-12-28/)

### FAQ

#### What is the significance of the court’s decision for Celsius Network?
The court’s approval of Celsius Network’s bitcoin mining shift signifies a pivotal development in the company’s restructuring efforts amid Chapter 11 bankruptcy proceedings. It allows Celsius to redirect its focus towards Bitcoin mining operations, potentially steering the company away from the ramifications of bankruptcy.

#### How will Celsius customers benefit from the court’s approval?
Following the court’s decision, Celsius customers will have access to $225 million in crypto assets, initially intended for business operations that were rejected by the SEC. Additionally, customers will be eligible to acquire shares in the new mining company, and certain participants will be able to withdraw 72.5% of their crypto holdings.

#### What impact does the approval have on Celsius Network’s future operations?
The approval empowers Celsius Network to proceed with its strategic shift toward Bitcoin mining, enabling the company to recalibrate its operations. The collaboration with US Bitcoin Corp to host 8,500 miners signifies a significant milestone as Celsius seeks to carve out a new path beyond the bankruptcy proceedings.


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