Crypto lending company Celcius Network, sitting on the bankruptcy table, has received approval for Bitcoin mining operations.
Celcius, which went bankrupt after the collapse in the crypto money markets, is trying to seize all opportunities to get back on its feet. The company, which previously wanted to sell its Bitcoins but was rejected by its investors, received approval on the second day of its chapter 11 bankruptcy case.
Celcius Will Be able to Sell Bitcoins Obtained from Mining
Bankruptcy Court Judge Martin Glenn for the Southern District of New York granted approval to all applications, including those related to the costs of Celsius’ Bitcoin mining operations.
Celsius Mining, a subsidiary of Celsius Network, filed for Chapter 11 bankruptcy protection proceedings last month. This time, the court gave the green light for the company, which was rejected in the first place, and allowed the Bitcoins obtained from mining to be sold.
Celsius advisor Ross Kwasteniet described Celsius’s Bitcoin mining operations as a “key asset”, saying that the company expects the financial situation to improve over the next few months once the setup is complete.
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