Celsius begins distributing over $3 billion in crypto and fiat to creditors
Celsius announced that the company has completed the transaction according to the confirmed restructuring plan and has avoided bankruptcy. The plan includes distributing over 3 billion US dollars of cryptocurrency and legal currency to Celsius creditors, and creating a new Bitcoin mining company, Ionic Digital, Inc., which will be owned by Celsius creditors and managed by mining company Hut 8.
Starting today, the company has begun distributing over 3 billion US dollars of liquid cryptocurrency and legal currency to creditors, and Ionic Digital will continue to provide recovery to creditors. Once necessary approvals are obtained, Ionic Digital's stock is expected to be publicly traded. Ionic Digital will be owned by Celsius creditors, who will hold Ionic Digital's equity in the form of common stock. (BusinessWire)
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