By Ben Glickman
Collapsed crypto lender Celsius Network said it has emerged from bankruptcy and will begin distributing funds to creditors.
The company said Wednesday it has begun distribution over $3 billion in cryptocurrency and fiat currency to creditors as part of its court-approved plan to exit Chapter 11 proceedings.
The company's bankruptcy plan includes the creation of a new Bitcoin mining company called Ionic Digital. Ionic will have mining operations managed by Hut 8 and will be owned by Celsius creditors.
Ionic Digital's stock is expected to be publicly traded once necessary approvals are secured, Celsius said.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
01-31-24 1902ET