By Nathan Ferguson
Regarding an official announcement, popular crypto lending company, Celsius stated that it wants to make its secondary cryptocurrency mining business’s status to go public.
Celsius Mining Considering an IPO
Known as one of the largest cryptocurrency lending firms, the Celsius network recently announced that it will soon lead its secondary mining business named as, Celsius Mining LLC to become public through an Initial Public Offering (IPO). Celsius network stated that it has submitted an S-1 Form to the United States Securities and Exchange Commission to let them know that Celsius Mining intends to reach public status.
An S-1 Form is basically a type of application that is required to be submitted to the Securities and Exchange commission before a company can initiate an IPO. According to experts, initiating an IPO to go public can take a maximum of nine months with the submission of the S-1 Form.
The Celsius Network is basically a massive cryptocurrency lending service and platform that helps investors to gain interest with respect to their significant cryptocurrency funds. Talking more about Celsius Mining, the business has been supported by its parent firm with at least $500 million invested yet. Flourishing on this support, Celsius Mining currently boasts nearly 22,000 ASIC mining machines, with most of them being the AntMiner S19 Model from Bitmain that was first introduced two years ago.
As for the reason behind the investment into mining, the Celsius Network had been facing many issues regarding regulations, due to the impressive high interest that it was providing through its product service on cryptocurrency holdings. After not being able to handle the regulatory issues, the firm had to halt the loaning product service in April, stating that they are still in discussion with regulatory authorities.
Despite all these issues, the Celsius Network remains committed towards providing beneficial interest to its investors and its secondary Bitcoin mining business has always been considered as a business development strategy towards gaining an alternative earning source.
More Startups going Public
Celsius mining isn’t the only startup firm that is being considered for an IPO. Back in the month of February, USDC Stablelcoin provider, Circle stated that it also going public working together with an acquiring firm named as Concord Acquisition Corp to work on a special purpose acquisition (SPAC) merging agreement. Additionally, Blockchain.com also announced its intentions to consider an IPO this year.