Celsius Network Granted Approval to Enter Bitcoin Mining Industry

• The U.S. bankruptcy court has approved Celsius’ plan to transition its focus to Bitcoin mining.
• Celsius will be led by U.S. Bitcoin Corp., parting ways with the originally selected bidders.
• The approved bankruptcy plan frees up $225 million worth of crypto, benefiting customers.

The U.S. bankruptcy court has granted approval for cryptocurrency lender Celsius’s Network to pivot to Bitcoin mining, according to a Reuters report. 

A U.S. bankruptcy judge has approved the request, ruling that the company could deviate from the previously approved bankruptcy plan. The judge cited that the creditors and customers “were no worse off under the new restructuring.” 

According to the U.S. Bankruptcy Judge Martin Glenn in Manhattan, the bankruptcy plan, which was approved in November, contained enough flexibility to allow Celsius to switch to a backup plan. The switch was deemed reasonable after Celsius reached a “road block” with the U.S. Securities and Exchange Commission.

Furthermore, in light of becoming a Bitcoin mining company, Celsius will no longer be associated with certain selected bidders for the new company. The responsibility of operating t…

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