Arkham Intelligence identified a new wallet, indicating a mining operation linked to Celsius Network. This entity operates under the name Ionic Digital, managing assets of the now-bankrupt company.
Creation of Ionic Digital
Arkham Intelligence is tracking a mining entity holding and running the former mining business of Celsius Network. Celsius shut down its last mobile access in early 2024 after filing for Chapter 11 bankruptcy. From January onwards, Celsius started redistributing funds to its creditors.
Asset Aggregation and Creditor Compensation
Celsius Network still holds known wallets, now containing more than $11.8M in various tokens. Among the major AVAX token holders, the company is transferring assets for liquidator management. The new entity, known as Ionic Digital, will be used for compensation to Celsius creditors. Ionic Digital will also issue common stock at a par value of $0.00001 per share for bankruptcy settlements.
Mining Operations and Prospects
Ionic Digital continues to receive small BTC inflows throughout the day as mining rewards. One of the addresses was created in early February and is associated with Foundry USA, a leading pool discovering up to 35% of blocks. Mining operations are mainly concentrated in Texas, dependent on local conditions and electricity prices. The new entity plans expansion under the Cevardale project, potentially adding 240 MW of energy. Despite this, the company may still face challenges in maintaining sustainability amidst growing competition.
Ionic Digital, inheritor of Celsius Network's mining business, continues its efforts towards sustainable operations amidst bankruptcy. It is crucial to monitor the company's future developments and new steps in resource management and asset control.
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