Court authorizes Celsius MiningCo transaction

Celsius recently announced getting approval from the Court to integrate its MiningCo Transaction.

The announcement was made on the official X/Twitter account of Celsius. The tweet read that Celsius can now move ahead with its plans. Besides this, the network attached a 36-page document covering the plans in detail.

According to Celsius, the MiningCo Transaction delves into creating a publicly traded Bitcoin mining company. It will elevate liquid crypto distributions to account holders. This will be done when Celsius emerges from bankruptcy somewhere in early 2024.

Celsius users will be able to own Mining NewCo’s stocks. US Data Mining Group Incorporation will manage these assets. The development marks another massive benchmark in the Chapter 11 cases.

The platform is slowly moving toward its goal of maximizing its market value. Celsius is also looking forward to returning value to customers while creating a new way ahead. The tweet ended with Celsius stating that users eligible for distributions will get an email with instructions.

These instructions will be delivered in the coming few weeks. Users should note that Celsius will only contact them using their official email ID, so they should be on the lookout for the same.

In other news, Celsius NewsCo Community released a grim tweet. The tweet read that Celsius will be winding down its operations with the Celsius web and mobile apps.

Starting February 27, 2024, users will not be able to access the Celsius app on Android and iOS devices. The web app will also cease to work around the same time.

Since Celsius aims to emerge from bankruptcy simultaneously, early 2024 will be a defining period for the network.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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