Celsius Announces Plans to Take Its Mining Arm Public

Crypto lending platform Celsius Network is planning to IPO its Bitcoin mining subsidiary firm, Celsius Mining LLC.

One of the world’s largest crypto lending companies, Celsius Network revealed in a press release that its wholly-owned Bitcoin mining subsidiary, Celsius Mining LLC, has filed a Form S-1 with the U.S. Securities and Exchange Commission, indicating that it wants to go public.

Bitcoin mining business so far and owns around 22,000 ASIC miners, mostly made up of Bitmain’s AntMiner S19 machines released in May 2020.

Celsius began expanding into Bitcoin mining in 2020 after encountering increasing regulatory pressure over its retail-facing high-interest lending products. In April, the firm eventually discontinued its Earn product for unaccredited investors from the U.S. following “ongoing discussions” with regulators.

Lending, however, has remained Celsius’ primary business, with Bitcoin mining being only a diversifying investment strategy and a way of securing an alternative revenue source.