Celsius recently received court approval to incorporate its MiningCo Transaction, as announced on Celsius's official X/Twitter account. This advancement allows Celsius to proceed with its plans, detailed in a 36-page document attached to the announcement.

The MiningCo Transaction, according to Celsius, involves establishing a publicly traded Bitcoin mining company to enhance liquid crypto distributions to account holders. This initiative is set to occur upon Celsius's emergence from bankruptcy in early 2024.

Celsius users will have the opportunity to own stocks in Mining NewCo, managed by US Data Mining Group Incorporation, marking a significant milestone in the Chapter 11 proceedings.

As Celsius moves closer to maximizing its market value and providing value to customers, it aims to pave a new path forward. Eligible users for distributions will receive instructions via email in the coming weeks, with Celsius emphasizing communication exclusively through official email IDs.

In related news, the Celsius NewsCo Community shared a sobering tweet announcing the winding down of operations for the Celsius web and mobile apps. From February 27, 2024, users will no longer have access to the Celsius app on Android and iOS devices, with the web app also ceasing to function around the same time.

With Celsius poised to emerge from bankruptcy in early 2024, it marks a pivotal period for the network.