TechFlow news, citing sources, CoinDesk reported that Celsius' plan to establish a new company has encountered obstacles at the U.S. Securities and Exchange Commission (SEC). The SEC, the Celsius creditors committee, and Fahrenheit are engaged in back-and-forth discussions over information regarding assets held by Celsius. Fahrenheit is an investment vehicle that won the auction for Celsius' assets in May.
Sources said the SEC is demanding more information before making a decision. Celsius’ restructuring plan was approved by the bankruptcy court earlier this month and involves distributing to creditors approximately $2 billion worth of bitcoin and ether, along with equity in a new company. The new entity would inherit Celsius’ business operations, be managed by Fahrenheit Group, run Celsius’ bitcoin mining operations, stake ether, monetize illiquid assets, and develop new business opportunities. If this plan fails, the already-approved fallback option is to shut down Celsius’ operations and liquidate its assets.
