Celsius, a cryptocurrency loan company, has announced plans to go public with its bitcoin mining subsidiary, Celsius Mining.
According to a statement released on Monday, Celsius has filed a Form S-1 with the Securities and Exchange Commission, which companies must file before going public in the United States. The process of launching an IPO might take up to six months after the S-1 is filed.
Retail investors can earn interest on their crypto assets with interest rates as high as 17% available on Celsius. According to the company’s website, it serves 1.7 million consumers.
In 2020, the lender entered the mining industry, giving loans and equipment leases to mining companies such as Core Scientific and Argo Blockchain to fund expansion plans. Celsius Mining has announced a co-hosting agreement with bitcoin miner Mawson Infrastructure, which is publicly traded on the Nasdaq.
Celsius’s move into mining came at a time when the company was facing increased regulatory scrutiny over its consumer-facing products, and the IPO news comes just days after The Block reported that the corporation had over $500 million in the Anchor Protocol. Before the Terra ecosystem was thrown into upheaval last week when its TerraUSD (UST) stablecoin was de-pegged from the US currency, Terra’s Anchor Protocol offered depositors yields of up to 20%.
Read more: Celsius (CEL) customers complain about withdrawal issues
