Celsius Network Successfully Exits Bankruptcy, Begins $3B Creditor Repayment
Portfolio Pulse from Murtuza Merchant
Celsius Network LLC has emerged from bankruptcy, planning to repay up to $3 billion to creditors in cryptocurrency, fiat, and Ionic Digital stock. The reorganization plan, approved by the Bankruptcy Court for the Southern District of New York, received support from 98% of Celsius' account holders. The company will wind down operations and establish a new Bitcoin mining entity, Ionic Digital, Inc., managed by Hut 8 Corp. (NASDAQ:HUT). Ionic Digital's stock is expected to be publicly traded after receiving necessary approvals.
February 01, 2024 | 2:27 pm
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Hut 8 Corp. will manage the mining operations of the new Bitcoin mining entity, Ionic Digital, Inc., established by Celsius Network's creditors.
Hut 8 Corp.'s involvement in managing the mining operations of Ionic Digital, Inc. could potentially boost its operational scope and profitability, likely leading to a positive short-term impact on its stock price.
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