TechFlow reported, according to Reuters, that U.S. Bankruptcy Judge Martin Glenn has approved cryptocurrency lending firm Celsius Network's plan to pivot into Bitcoin mining, ruling the company may deviate from its previously approved bankruptcy plan as long as creditors and customers are no worse off under the new restructuring. Martin Glenn stated that more cryptocurrency from Celsius will be returned to customers, who will also receive equity in the new Bitcoin mining venture.
Celsius said it is considering forming a new publicly traded Bitcoin mining company and will increase distributions of liquid crypto assets to account holders after Celsius exits bankruptcy—expected to occur in early 2024. Customers will own shares in Mining NewCo.
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