![Cryptocurrency Lender Celsius Says It Intends To Take Its BTC Mining Subsidiary Public](https://www.cryptocynews.com/wp-content/uploads/2021/06/bitcoin-2697333_1280-795x385.png)
Celsius, a prominent name in the space of cryptocurrency, has disclosed the strategy to take the totally-owned BTC mining subdivision thereof to the public. The platform is going to IPO its Celsius Mining LLC (the subsidiary company for Bitcoin mining).
Celsius to move ahead with a mining subdivision IPO
Celsius seems to be the exclusive crypto venture jumping forward to take a proportion of the business to the public. Considered among the biggest crypto lending firms throughout the globe, Celsius Network conducted a press release on Monday to bring to the front that its entirely-owned branch for Bitcoin (BTC) mining, called Celsius Mining LLC, has submitted a Form S-1 under the Securities and Exchange Commission (SEC) of the United States, highlighting that it intends going public.
Form S-1 is known as a filing utilized on the behalf of the venues to register their securities under the SEC in advance of an IPO (Initial Public Offering). It could take from 6 to 9 months after the filing of the S-1 form if the firms request to go public through an IPO. Celsius has the status of being a crypto lending forum that permits investors to acquire interest over the crypto holdings thereof.
A minimum amount of up to $500M has been invested by the platform into the subordinate BTC mining business up till now and it possesses nearly 22,000 ASIC miners, with a majority of them constructed by AntMiner S19 machines that were released in 2020’s May to mine Bitcoin. It continued to expand the BTC mining throughout the year following witnessing mounting regulatory pressure on the retail-facing lending products thereof that provided high-interest rates.
The regulatory push and Celsius
In April, the company quit the Earn product in terms of unaccredited investors belonging to the United States after continuous conversations with the watchdogs. Lending, nonetheless, has kept on being the core business of Celsius, with BTC mining playing a role of just an option among the investment strategies as well as a method to secure a substitutive revenue source. It is noteworthy that the mining subsidiary of Celsius is not the sole crypto venture advancing toward going public during the uncertain market situation.
In February, Circle – the issuer of USDC stablecoin – recently valued at approximately $9B, declared to have an intention to go public within this year via a SPAC (special purpose acquisition company) merger contract with Concord Acquisition Corp. as the partner.