Celsius Mining, the mining subsidiary of cryptocurrency lending platform Celsius Network, has filed documents with the United States Securities and Exchange Commission (SEC) suggesting plans for an initial public offering (IPO).
In a Monday announcement, Celsius said its mining subsidiary had filed a draft registration statement on Form S-1 with the SEC, suggesting the company may be planning an initial public offering. The SEC requires US companies to file an S-1 registration in order to list their shares on a national exchange, such as Nasdaq or the New York Stock Exchange.
—Celsius (@CelsiusNetwork) May 16, 2022
Reports suggest that it can take three to six months for the SEC to approve an initial public offering, which could mean Celsius Mining shares could be listed in the US by the end of 2022. Cryptocurrency exchange Coinbase filed its S-1 registration statement with the SEC in December 2020 and listed its COIN shares on Nasdaq approximately five months later in April 2021.
Founded by Alex Mashinsky in 2017, Celsius Network allows users to earn interest by holding cryptocurrencies. In June 2021, the platform invested over $200 million in Bitcoin (BTC) mining infrastructure, as well as positions in Core Scientific, Rhodium Enterprises, and Luxor Technologies, later announcing that the returns would be redistributed to depositors.
According to the Celsius website at the time of publication, about 1.7 million people use the platform, holding more than $16.9 billion in assets as of May 6. The crypto lending company was the first of decentralized and centralized finance to have more than $20 billion in assets under management.
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