NEW YORK – In a significant development for the cryptocurrency industry, Celsius Network has sold approximately $243 million worth of Ethereum (ETH) as part of its ongoing bankruptcy proceedings. The sale is aimed at generating funds for the creation of MiningCo, a new initiative focused on Bitcoin mining.
The liquidation of digital assets, totaling about $250 million, marks a strategic shift for the company, which has faced legal challenges from the US Securities and Exchange Commission (SEC) regarding its cryptocurrency services. Despite these hurdles, Celsius Network is moving forward with its Bitcoin mining venture, signaling a pivot in its business model amid a complex regulatory landscape for activities related to the electronic money.
The cryptocurrency market reacted to this news with cautious optimism. Investors and market analysts are closely monitoring the potential impact of this sizable liquidation on Ethereum’s price. As of today, Ethereum is trading at $2,210 and there are predictions that the price could rise, especially with the prospect of a spot ETH Exchange Traded Fund (ETF) product in the pipeline.
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