Posted 11/11/2023, 1:00:49 AM
Celsius Network Bankruptcy Plan Approved, New Company Formed to Earn Yields for Creditors
- Celsius Network bankruptcy plan approved by US judge to create new company, NewCo, for creditors
- NewCo will have $1.25B balance sheet, $450M liquid crypto, to earn staking yields and fund mining business
- NewCo projected to generate $10-20M per year from staking and $61.8M EBITDA from mining in 2024
- NewCo owned by customers but managed by Fahrenheit LLC
- Celsius' native token CEL up 5% but still down 99% from peak as creditors hope to recover losses