Celsius Network, grappling with bankruptcy, has shifted gears by scrapping its deal with the Fahrenheit consortium to focus on establishing a Bitcoin mining company. The decision, endorsed by Judge Martin Glenn, follows the SEC's refusal to approve the creation of NewCo, a venture initially envisaged to expand Celsius' mining operations under Fahrenheit consortium management. The new plan involves forming a public company dedicated solely to Bitcoin mining. This strategy allows creditors to receive part of their recovery through shares in the upcoming Bitcoin mining company, also releasing $225 million in crypto assets originally allocated for the rejected businesses. Despite some creditors' and the U.S. Department of Justice's calls for a re-vote, Judge Glenn upheld the new restructuring strategy, stating it does not adversely affect creditors.
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