Celsius has emerged from Chapter 11 Bankruptcy in the United States and is set to start distributing $3 billion worth of crypto and fiat to creditors.
In a Jan. 31 press release, the crypto lender said its bankruptcy exit will also see the creation of a Bitcoin mining company, Ionic Digital, Inc. managed by crypto mining firm Hut 8.
Hut 8's Chief Commercial Officer Matt Prusak was named CEO of Ionic, whose stock is "expected to be publicly traded once the requisite approvals are received."
Celsius also increased the amount of crypto available for distribution to creditors by around $250 million through "converting altcoins to BTC or ETH and through previous settlements."
Its exit from bankruptcy comes over 18 months since Celsius paused withdrawals.
This is a developing story, and further information will be added as it becomes available.