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Post: Celsius Emerges from Bankruptcy: Creditors to Receive $3B in Crypto & Fiat | Introduces Ionic Digital

Celsius Emerges from Bankruptcy: Creditors to Receive $3B in Crypto & Fiat | Introduces Ionic Digital

Key Points:

  • Celsius, a crypto lender, has exited Chapter 11 bankruptcy in the US.
  • Creditors will receive a share of $3 billion in crypto and fiat as part of the bankruptcy exit.
  • The bankruptcy exit also involves the creation of a new Bitcoin mining company called Ionic Digital, managed by Hut 8.
  • Matt Prusak, the Chief Commercial Officer of Hut 8, will serve as the CEO of Ionic.

Elaborate With Insight:

Celsius, a crypto lender that halted withdrawals over 18 months ago, has emerged from Chapter 11 bankruptcy. The company is now preparing to distribute $3 billion worth of crypto and fiat to its creditors. This announcement marks a significant milestone for Celsius, as it signals its successful recovery from financial difficulties.

As part of the bankruptcy exit, Celsius has also announced the formation of a new Bitcoin mining company named Ionic Digital. This company will be managed by Hut 8, a crypto mining firm. Matt Prusak, the Chief Commercial Officer of Hut 8, has been appointed as the CEO of Ionic. It is worth noting that Ionic’s stock is expected to be publicly traded once the necessary approvals are obtained.

Hot Take:

Celsius’ emergence from bankruptcy and the distribution of $3 billion to creditors is an encouraging development for the crypto lending industry. It demonstrates that companies in this sector can overcome challenges and recover from financial difficulties. The creation of Ionic Digital shows Celsius’ commitment to diversify its business operations and tap into the potential of Bitcoin mining. This move could prove beneficial in the long run, as mining continues to be a critical element of the cryptocurrency ecosystem.

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