March 27, 2024
Celsius Secures Court Approval for MiningCo Transaction
Latest Cryptocurrency News

Celsius Secures Court Approval for MiningCo Transaction

Celsius recently received approval from the Court for the integration of its MiningCo Transaction. The official announcement was made on Celsius’s X/Twitter account, where it was stated that Celsius is now authorized to proceed with its plans. Additionally, a comprehensive 36-page document outlining the details of the plans was attached to the announcement.

According to Celsius, the MiningCo Transaction involves the establishment of a publicly traded Bitcoin mining company, aiming to enhance liquid crypto distributions to account holders. This initiative is expected to be implemented once Celsius emerges from bankruptcy, anticipated in early 2024. Celsius users will have the opportunity to own stocks in Mining NewCo, with the management of these assets entrusted to US Data Mining Group Incorporation. This development represents a significant milestone in the Chapter 11 cases.

As Celsius works towards maximizing its market value, it is also focused on delivering value to customers and charting a new path forward. The tweet concluded by informing users eligible for distributions that they will receive an email with instructions in the coming weeks. Notably, Celsius emphasized that official communications will only be sent to users via their official email IDs.

In a related development, the Celsius NewsCo Community conveyed a somber message through a tweet, announcing the winding down of operations for the Celsius web and mobile apps. Effective February 27, 2024, users will no longer have access to the Celsius app on Android and iOS devices, and the web app will also cease functioning around the same time. This announcement coincides with Celsius’s efforts to emerge from bankruptcy, making early 2024 a pivotal period for the network.

Image by flickr

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