SEC Examining Celsius Network’s Restructuring Plan, Seeking More Information on Company’s Assets
The ambitious plan of Celsius Network to resurrect itself as a new crypto services company has hit a snag with the SEC. The regulatory body is demanding additional details on the assets held by Celsius, which is restructuring under bankruptcy. This information request has sparked a back-and-forth between the SEC, the Celsius Creditors Committee, and Fahrenheit, an investment consortium, according to a source close to the matter.
Details on Fahrenheit’s Plan for Celsius
Fahrenheit, consisting of Arrington Capital, U.S. Bitcoin Corp., and Proof Group, had previously won an auction to transform the remaining assets of the bankrupt lender into a new company. Approved by a bankruptcy court, their plan includes distributing approximately $2 billion in bitcoin (BTC) and Ethereum (ETH) to creditors and offering shares in the new company. This new entity aims to expand Celsius’ bitcoin mining operations, invest in Ethereum, monetize illiquid assets, and explore new business avenues.
