Ionic Digital Acquires Celsius' Mining AssetsCelsius Distributes $3B to Creditors
Creditors to own new mining company through common shares, with operations overseen by Hut 8.
- Ionic Digital, a new bitcoin mining company, is acquiring bankrupt lender Celsius' mining assets as part of the emergence from Chapter 11 bankruptcy.
- Celsius Network has started to distribute $3 billion worth of cryptocurrency and fiat to its creditors after officially resolving its Chapter 11 bankruptcy.
- Celsius creditors will own the mining company through common shares, which are expected to be publicly traded once the company secures necessary approvals.
- Miami-based mining company Hut 8 will oversee Ionic’s mining operations under a four-year management agreement.
- Former CEO Alex Mashinsky was arrested on fraud charges for allegedly manipulating the price of the lender's CEL token, his trial is scheduled for September 2024.
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