In today's digital age, Celsius (a Swiss cryptocurrency financial services company) has made a remarkable transformation. With the approval of the court, they will enter the field of Bitcoin mining and establish a new company, Mining Newco. This decision not only means a change in the industry, but also a confidence in future potential. Let's explore this innovative path together and see the story behind it and the possibilities of the future.

The move from Celsius to Mining Newco is actually a deep insight into the market and forward-looking planning. As a company focusing on cryptocurrency loans and savings, Celsius has been committed to providing users with more convenient and efficient financial services. However, with the rise of cryptocurrency markets such as Bitcoin, Celsius realized the huge potential in the mining field. Therefore, they decisively decided to expand their business and enter this emerging field. This spirit of courage to change and meet challenges is worthy of reference and learning by the industry.

After the news of the court's approval to start a Bitcoin mining enterprise came out, the industry was shocked. This not only means that Celsius will embark on a new journey, but also symbolizes the future development direction of the cryptocurrency industry. As the core of the cryptocurrency market, Bitcoin mining has huge business opportunities and development space. Celsius's decision is undoubtedly an accurate grasp of this trend, and it also lays a solid foundation for the company's future development.

Celsius' transformation into Mining Newco is not only a business transformation, but also a strategic upgrade. By carrying out the Bitcoin mining business, Celsius will further consolidate its position in the cryptocurrency field, broaden its profit channels, and enhance its corporate competitiveness. With the continuous development of the cryptocurrency market, Mining Newco is expected to become an industry leader and lead the future development direction of the industry.

Celsius' transformation into Mining Newco has infinite possibilities behind it. With the launch of the Bitcoin mining business, Celsius will continue to explore innovation, expand its business boundaries, and bring more possibilities to users. As a company adhering to the spirit of innovation, Celsius will demonstrate strong strength and potential in the field of Bitcoin mining, injecting new vitality and momentum into the development of the industry.

In this era of change, Celsius's transformation is undoubtedly a subversive challenge to the industry. With the approval of the court, Mining Newco will officially set sail and open a new chapter in Bitcoin mining. This decision will bring new changes to the entire cryptocurrency market and will also bring more development opportunities to Celsius itself. Let us wait and see, witness Celsius' brilliant performance in the field of Bitcoin mining, and jointly create a bright future for the digital economy.

Coin Circle (120BTC.COm) News: Celsius (Celsius
Network), a cryptocurrency lending platform once valued at $3 billion, filed for Chapter 11 bankruptcy reorganization with the U.S. court in July last year after suspending users' withdrawal, exchange and transfer services without warning, claiming that this move was to maximize the interests of all stakeholders.

Celsius's reorganization plan is ongoing. At the end of November this year, Celsius modified its reorganization plan and chose to focus on Bitcoin mining. It plans to start the stock registration process for a new listed Bitcoin mining company called "Mining
NewCo", which will be owned by Celsius customers.

Just yesterday (29), the chief judge presiding over the case, Martin
Glenn, approved the execution of the "MiningCo transaction" proposed by Celsius and its related debtors. The court's decision paves the way for Celsius to conduct transactions and stabilize and reorganize the company's operations by establishing a "public company focused on Bitcoin mining." The specific terms and conditions involved in the MiningCo transaction include the establishment of a new company (Mining
NewCo) with $225 million and the transfer of certain mining assets to Mining NewCo, excluding CoreRhodium, Mawson and Luxor assets.

Repayment is expected early next year

Celsius officials also announced this news on X and said that they will increase the cryptocurrency distributed to creditors after Celsius emerges from bankruptcy (expected to happen in early 2024). Celsius customers will own shares in Mining
NewCo, which is managed by crypto mining company US Bitcoin Corp (USBTC).

"We are moving towards the goal of maximizing and returning customer value and charting a new path forward for Celsius."

In addition, officials mentioned that creditors eligible for any distribution under the plan are expected to receive an email with further instructions in the coming weeks.

Mining NewCo operational details

According to court documents, the court approved the amendment to the management agreement, setting the initial term to four years, with conditions for extension or early termination. If Mining
NewCo does not achieve the specified total computing power target of 23EH/s within the initial three years, Mining NewCo has the right to terminate the agreement without paying an early termination fee after a six-month transition period.

In addition, Fahrenheit Holdings, the Celsius restructuring plan implementation organization (which is composed of Arrington Capital and US Bitcoin
Corp), has also agreed to purchase $50 million worth of equity in Mining NewCo and list these shares publicly so that Celsius customers can sell their shares and recover more losses.

The court also approved the "wind-down budget and procedures", which are essential to the orderly execution of the plan. The wind-down budget outlines significant expenses, including management fees, professional fees and operating expenses, totaling approximately $70 million. These costs help support the distribution of asset sales and the administration of the estate.

Celsius will close

As a result of this ruling, the previous agreement on how to deal with unsecured claims is now void. The court has established new guidelines for winding down the company's operations and managing the payment of creditors.

It is worth noting that the court's ruling will not affect the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against it. The order states that it should not be interpreted as a determination of the status of cryptocurrencies or related transactions under the federal securities laws. The provision reserves the SEC’s authority to challenge transactions involving cryptocurrencies, and the courts retain exclusive jurisdiction over matters arising out of or related to the enforcement of the order.

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