Celsius Mining, the mining arm of cryptocurrency lending platform Celsius Network, has filed papers with the Securities and Exchange Commission in the United States, indicating preparations for an initial public offering (IPO).

Celsius announced that its mining subsidiary has filed a Form S-1 draught registration statement with the Securities and Exchange Commission, implying that the company is considering an IPO. For shares to be listed on a national market, such as the Nasdaq or the New York Stock Exchange, the SEC requires corporations in the United States to submit an S-1 registration.

According to reports, the SEC may take from three to six months to accept an IPO, which means Celsius Mining shares might be listed in the United States by 2023. Coinbase filed its S-1 registration statement with the Securities and Exchange Commission in December 2020, and its COIN shares were listed on Nasdaq five months later, in April 2021.

Celsius Network Files Draft S-1 Form to Take Its Mining Unit Public

Celsius Network, founded in 2017 by Alex Mashinsky, enables users to earn income by keeping digital currencies. The platform invested about $200 million in Bitcoin (BTC) mining infrastructure and holdings in Core Scientific, Rhodium Enterprises, and Luxor Technologies in June 2021, subsequently declaring that the rewards would be dispersed to depositors.

As per the Celsius website at the time of publishing, the platform was used by around 1.7 million users, with over $16.9 billion in assets as of May 6. The cryptocurrency lending organization was the first to handle over $20 billion in decentralized and centralized finance assets.

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