Celsius Network Files for Bankruptcy: Mining Unit Included

The troubled crypto lending firm Celsius Network, along with its mining unit, have officially filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District. This move casts further uncertainty on the future of Celsius and its associated operations. Celsius Network\'s mining unit, which had announced plans to go public as recently as March, is now part of the bankruptcy proceedings along with its parent company.

The company hopes this restructuring will allow them to stabilize their business and maximize value for all stakeholders. The filing includes the mining operations of Celsius, a significant part of their overall strategy.

Details surrounding the bankruptcy plan are still emerging. "In the coming weeks, the Debtors intend to file a motion with the Bankruptcy Court to approve modifications to the Plan to reflect the new Mining NewCo transaction. The Debtors do not" expect a quick resolution and are working diligently to navigate the complex legal processes.

This development marks a significant downturn for Celsius, particularly concerning their mining unit, which had previously shown promise with its public offering plans. Investors and users are now closely watching the proceedings in the Southern District court as the future of Celsius and its mining arm hangs in the balance. The involvement of the mining unit underscores the deep financial troubles plaguing Celsius Network.