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Celsius preps IPO for mining subsidiary

May 17, 2022
Illustration of a pick axe hitting a Bitcoin with pieces flying everywhere.

Illustration: Aïda Amer/Axios

Celsius Network, the crypto lending startup, said its mining subsidiary filed confidentially for an IPO.

Why it matters: The confidential filing comes at a rocky time for both the crypto world and for Celsius Network, which is facing an ongoing SEC probe.

Between the lines: Confidential filings gives companies more optionality around timing the timing of an IPO — if they decide to go through with the process at all.

  • Meaning this reads more like a way for the business to test investor appetite rather than a signal that the public markets are opening for crypto companies.

Of note: Shares of crypto mining companies tend to follow the ups and downs of the broader digital asset market.

  • Riot Blockchain (Nasdaq: RIOT) and Marathon Digital Holdings (Nasdaq: MARA) are down roughly 68% year to date.
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