Celsius' Bitcoin Mining Set for Revival as New Firm Eyes Public Listing

• Ionic Digital Aims to Be Top Miner Through Acquisition of Bankrupt Celsius' Mining Assets
• Details of the Acquisition
• Plans to Go Public
• Bitcoin Halving Event and Competition
• Management and Leadership

Ionic Digital Aims to Be Top Miner Through Acquisition of Bankrupt Celsius' Mining Assets

Recently established Bitcoin$42,260 -0.64% mining firm, Ionic Digital, is set to acquire the mining assets of bankrupt lender, Celsius, in a bold move to become one of the leading miners in North America. This acquisition is expected to occur during the emergence of Celsius from chapter 11 bankruptcy.

Details of the Acquisition

The assets that Ionic is set to acquire comprise of approximately 87 megawatts (MW) of self-mining capacity, 142MW of hosted Bitcoin mining at third-party sites and the Cedarvale site which is projected to reach a capacity of 240MW, according to a company statement released on Thursday. Currently, Ionic boasts about 6 exahash per second (EH/s) of operational mining power and anticipates achieving 12.7 exahash per second (EH/s) once its fleets are entirely operational within this year.

Plans to Go Public

Ionic has disclosed its plans to go public in the forthcoming months, having filed Form-10 with the U.S. Securities and Exchange Commission (SEC) on January 26. This marks a preliminary stride towards listing. As part of the arrangement, the creditors of Celsius will become the new company's shareholders, acquiring equity ownership in the form of common stock.

Bitcoin Halving Event and Competition

In anticipation of the Bitcoin halving event slated for this year, which will result in mining rewards being reduced by half, Ionic is not the only mining company striving to go public. Bitcoin financial services firm Swan Bitcoin recently revealed plans for its newly formed mining business unit to go public within the next 12 months. Ionic remains optimistic, stating, Our team is well-prepared to deal with the growing competition in mining, using our flexibility and strong financial backing to our advantage.

Management and Leadership

As part of the agreement, Hut 8 (HUT), which recently merged with US Bitcoin Corp. (USBTC), will offer mining management services for Ionic in exchange for a fee surpassing $20 million per annum, restricted stock and incentive equity. Matt Prusak, the former chief commercial officer of Hut 8 and USBTC, is set to become the CEO of Ionic. In addition, Asher Genoot, Hut 8's President, will join the board of directors of the new company. Ionic Digital, with its robust mining fleet, experienced leadership team and strategic vision, is prepared to make a significant impact in the Bitcoin mining industry.

Edited by Jonathan Stoker