Celsius The network’s mining department said it plans to open in March and has filed with the parent company for Chapter 11 Bankruptcy Protection with the US Bankruptcy Court in Southern New York.
The troubled lender’s mining sector said it had filed a confidential S-1 draft registration with the US Securities and Exchange Commission (SEC) in March and made the company public. At that time, stocks of most listed cryptocurrency mining companies were declining due to broader market sellouts.
As the bear market continues for the summer, miners are forced to sell bitcoins they have mined to pay for their operations, and some industry participants face a debt crisis, causing many miners to retreat. I expected to rely on M & A to survive. Bankruptcy filings in Celsius mining could have another impact on the sentiment of investors in the mining sector.
According to people familiar with the mining unit’s IPO process, investors were unable to overcome the potential for litigation risk while the parent company suspended customer withdrawals and faced bankruptcy, so the IPO process for mining in degrees Celsius. Was not a successful option.
The unit also faced similar investor sentiment while seeking “rescue finance” that could rescue miners in the event of an IPO collapse.
Celsius Mining has been active in the industry by supporting investment and lending, as well as the acceptance of lender miners. In March, Bitcoin (BTC) miner Morson (MIGI) signed a $ 20 million debt agreement with 100 MW of collocation with the Mining Company.
Last year, Celsius Mining said it had invested a total of $ 500 million for it. Bitcoin Mining business in North America.
