Celsius to Focus on Mining Following Proposed Reorganization Plan
Celsius Shifts Focus to Mining
Celsius, a cryptocurrency lending firm, has announced that its reorganized company will concentrate solely on mining in response to feedback from the United States Securities and Exchange Commission (SEC).
New Business Focus
In an announcement on Nov. 20, Celsius revealed that the core business of the ‘NewCo’ company, proposed under its restructuring plan, will be Bitcoin (BTC) mining instead of staking. The firm made this decision following consultation with the Official Committee of Unsecured Creditors, based on the SEC’s feedback.
Revised Strategy
The company’s decision to pivot towards mining aligns with the SEC’s recommendations and aims to ensure compliance with regulatory requirements. This strategic shift reflects Celsius’ commitment to adapting to evolving market dynamics and regulatory scrutiny.
