Celsius Network To Distribute $3 Billion To Creditors After Exiting Bankruptcy
By Ben Glickman
Collapsed crypto lender Celsius Network said it has emerged from bankruptcy and will begin distributing funds to creditors.
The company said Wednesday it has begun distribution over $3 billion in cryptocurrency and fiat currency to creditors as part of its court-approved plan to exit Chapter 11 proceedings.
The company's bankruptcy plan includes the creation of a new Bitcoin mining company called Ionic Digital. Ionic will have mining operations managed by Hut 8 and will be owned by Celsius creditors.
Ionic Digital's stock is expected to be publicly traded once necessary approvals are secured, Celsius said.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 31, 2024 19:02 ET (00:02 GMT)
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