Celsius Shifts Focus to Mining-Only NewCo After SEC Feedback

Crypto lender Celsius plans to transition to a new company focused solely on mining bitcoin, following feedback from the U.S. Securities and Exchange Commission (SEC) on its reorganization plan. The SEC's input led Celsius to retain certain assets for regulatory reasons, which will be administered and monetized by the Plan Administrator and/or Litigation Administrator for the benefit of creditors. Celsius intends to apply to register the shares in the new publicly traded Bitcoin mining company, referred to as "Mining NewCo," which will be owned by Celsius customers. The company expects to commence distributions to creditors in January 2024.