Celsius abandons Fahrenheit consortium for Bitcoin mining firm

Celsius Network has received court approval to implement an alternative exit scheme from bankruptcy, which involves the establishment of a standalone Bitcoin mining company, rather than partnering with the Fahrenheit consortium.

As per court filings on 27 December, Judge Martin Glenn has permitted the shift, given it won't negatively impact creditors.

The US Securities and Exchange Commission (SEC) had previously turned down the necessary relief for Celsius Network's initial plan, which involved creating a company called NewCo.

The first strategy would have expanded Celsius' existing operations and been managed by the Fahrenheit consortium, which includes crypto-native organisations such as Arrington Capital, Hut 8, and Proof Group.