Celsius' plan to transform into a cryptocurrency mining company has been approved by the bankruptcy court and awaits approval from the SEC.

According to BlockBeats news on November 10th, the US bankruptcy court has approved the plan for cryptocurrency lending company Celsius Network LLC to transform into a bitcoin mining company owned by creditors as part of a wider proposal to repay customers whose accounts have been frozen for over a year. US bankruptcy judge Martin Glenn stated on Thursday that Celsius plans to repay customers through a combination of cryptocurrency assets and newly listed bitcoin mining company stocks. Celsius lawyers stated that the platform may begin distributing assets in early next year. However, Celsius still needs approval from the US Securities and Exchange Commission (SEC), and if the proposal for the cryptocurrency mining transformation falls through, Celsius may turn to liquidation. Judge Martin Glenn urged the SEC to take action quickly and decide whether to approve Celsius' plan, allowing it to exit Chapter 11 and become a publicly listed bitcoin mining company. Creditors voted in September in favor of a plan that would distribute approximately $2 billion worth of bitcoin and ether to creditors. Under the plan, a new company will be built to conduct its mining and staking business and will be managed by the Fahrenheit Group, which successfully acquired Celsius' assets in a bidding war in May.