TechFlow reported, according to CryptoSlate, the U.S. Bankruptcy Court for the Southern District of New York approved on December 27 the "MiningCo Transaction" execution by Celsius and its affiliated companies, marking a key step in its bankruptcy restructuring plan.
The approval enables Celsius to move forward with the transaction aimed at creating a publicly listed company focused on Bitcoin mining. The MiningCo Transaction involves capitalizing a new entity (NewCo) with $225 million and transferring specific mining assets.
Previous report, crypto lending platform Celsius will transform into a Bitcoin mining company.
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