While Celsius went bankrupt in July of 2022, one part of the company, for some reason, remained functional and available for download: the Celsius phone app.
However, as of February 29, that has finally changed and the mobile app is officially shutting down.
According to the Celsius website, the plan was already announced way ahead of time and can be found in its ‘Plan of Reorganization.’ The application is already no longer available for download on the Apple App store and the company has recommended that users “remov[e] the app from [their] device.”
Just deleted the Celsius App!
Good riddance!#LeapYear pic.twitter.com/EBFsHeRROL
— Ruppi Macho 🛡️ (@realrephy) February 29, 2024
Read more: The Mashinskys used Celsius to promote Strong blockchain — and it still failed
Small hurdle in a long march
The shutting down of the mobile app is a small bump in the road for the newly-out-of-bankruptcy Celsius, which also has plans to launch a cryptocurrency mining business known as Ionic Digital, LLC.
The entity is hoping to IPO at some point in the next few months — a risky business venture for many of the creditors who have been forced to accept shares of the new company due to its restructuring as a mining business. These creditors will hope that the operation will fare better than many others.
For comparison, bitcoin has outperformed every major publicly traded bitcoin mining stock over the past five years, including Riot, Marathon Digital, and CleanSpark. Executive leadership at the newly formed Ionic Digital has suggested an IPO price of $20 a share, but liquidity and how many creditors will simply decide to sell their shares on day one remains to be seen.
