Celsius, a cryptocurrency lending platform, has announced that it has successfully recovered from bankruptcy by completing the transactions underlined in its restructuring plan.

The plan, which was approved by a majority of the company’s account holders and confirmed by a bankruptcy court, includes the distribution of over USD 3 billion of both cryptocurrency and fiat to Celsius’ creditors. 

After the confirmation of the plan and review by the SEC, the company intends to collaborate with creditors to transition to the “MiningCo Transaction.” The transaction underlines the creation of a new Bitcoin mining company named “Ionic Digital,” which will be owned by the Celsius’ creditors. The company stated that creditors who will own equity in the form of common stock will be able to trade publicly once the approvals are received. 

Analyst QuickTake: This news marks the conclusion of a year and a half-long process since it originally filed for Chapter 11 bankruptcy , during which Celsius took several steps to mitigate damage. This included laying off a number of its employees, paying over USD 700 million of its loans and rebranding itself as a publicly-traded "recovery corporation ”. The company now looks clear to proceed with the proposed settlement and move forward with winding down its operations.