TechFlow news, according to CoinDesk, cryptocurrency lending platform Celsius will transition into a new company focused on Bitcoin mining, canceling its previous reorganization plan that included staking.
The decision comes after the U.S. Securities and Exchange Commission (SEC) provided feedback on "certain aspects" of the original plan.
Fahrenheit Holdings, a team including Arrington Capital and crypto miner U.S. Bitcoin Corp, successfully acquired Celsius in May 2023 and was appointed by the court to execute Celsius's reorganization plan.
The initial plan involved incorporating a new entity named NewCo in Delaware, focused on mining and staking.
Following the SEC’s feedback, Celsius has decided to pursue the registration of a new publicly traded Bitcoin mining company (Mining NewCo). Assets that the SEC indicated should not be transferred to Fahrenheit Holdings will now be retained by Celsius and managed and liquidated by the plan administrator and/or litigation administrator for the benefit of creditors.
