Celsius Mining, the mining subsidiary of crypto lending platform Celsius Network, has filed paperwork with the United States Securities and Exchange Commission, or SEC, suggesting plans for an initial public offering.
In a Monday announcement, Celsius said its mining subsidiary had filed a Form S-1 draft registration statement with the SEC, suggesting the firm may be planning an initial public offering. The SEC requires companies in the U.S. to file an S-1 registration for shares to be listed on a national exchange, like the Nasdaq or New York Stock Exchange.
https://t.co/RhNOsQPBqA
— Celsius (@CelsiusNetwork) May 16, 2022
Reports suggest it can take anywhere from 3-6 months for the SEC to approve an IPO, potentially meaning shares of Celsius Mining could be listed in the United States by the end of 2022. Crypto exchange Coinbase sent its S-1 registration statement to the SEC in December 2020 and listed its COIN shares on Nasdaq roughly five months later, in April 2021.
Founded by Alex Mashinsky in 2017, Celsius Network allows users to earn interest on holding cryptocurrencies. In June 2021, the platform invested more than $200 million into Bitcoin (BTC) mining infrastructure as well as positions in Core Scientific, Rhodium Enterprises and Luxor Technologies, later announcing the yields would be redistributed to depositors.
Related: Celsius Network execs deny rumors of significant losses amid market volatility
According to the Celsius website at the time of publication, roughly 1.7 million people use the platform, holding more than $16.9 billion in assets as of May 6. The crypto lending firm was the first in decentralized and centralized finance to hold more than $20 billion in assets under management.
Source: Cointelegraph
