# Celsius Network: Mobile and web applications shut down

Celsius Network group; historical preferred investment in Celsius Network Limited; 2024 emergence announced by Celsius Network LLC · United States · Crypto financial services

Evidence reviewed Oct 26, 2026. Historical event record.

Celsius announced a private financing valuation above $3bn in October 2021. In January 2024, it said it had implemented its Chapter 11 plan and would wind down its operations. The plan also created the separate creditor-owned mining company Ionic Digital.

## Historical private valuation

>$3bn · Oct 12, 2021

Company-announced private financing valuation exceeding $3bn; use lower-bound display, not an exact $3bn or unsourced $3.25bn.

[Celsius via PR Newswire](https://www.prnewswire.com/news-releases/celsius-network-announces-an-investment-led-by-westcap-and-cdpq-at-a-valuation-more-than-us-3-billion-301397834.html)

## Documented event

Mobile and web applications shut down · Feb 29, 2024

No transaction price shown. Celsius’s distribution administrator records closure of the mobile and web applications. This followed implementation of the Chapter 11 plan and an announced orderly operational wind-down; creditor distributions continued separately.

[Celsius Distributions / court-appointed claims administrator Stretto](https://celsiusdistribution.stretto.com/support/solutions/articles/153000147019-celsius-network-dissolution-and-distribution), [Celsius Network LLC via Business Wire](https://www.businesswire.com/news/home/20240131994097/en/)

## What changed

The Chapter 11 plan separated creditor distributions and the new creditor-owned mining company, Ionic Digital, from the former Celsius lending platform. Celsius announced an orderly wind-down in January 2024, and its distribution administrator records that its mobile and web applications closed on February 29, 2024. Neither creditor distributions nor the successor mining business provide a price for the former group.

## Timeline

### Oct 12, 2021 — Private funding valuation disclosed

Company-announced private financing valuation exceeding $3bn; use lower-bound display, not an exact $3bn or unsourced $3.25bn.

[Celsius via PR Newswire](https://www.prnewswire.com/news-releases/celsius-network-announces-an-investment-led-by-westcap-and-cdpq-at-a-valuation-more-than-us-3-billion-301397834.html)

### Jan 31, 2024 — Plan implemented; wind-down announced

Completed reorganization transactions and announced orderly operational wind-down; mining business placed in new creditor-owned Ionic Digital.

[Celsius Network LLC via Business Wire](https://www.businesswire.com/news/home/20240131994097/en/)

### Feb 29, 2024 — Celsius mobile and web applications shut down

Claims distributions are separate from former lending-platform operations.

[Celsius Distributions / court-appointed claims administrator Stretto](https://celsiusdistribution.stretto.com/support/solutions/articles/153000147019-celsius-network-dissolution-and-distribution)

## Disclosed investors

Historical funding participation; not current ownership or investor losses.

- WestCap — [Celsius via PR Newswire](https://www.prnewswire.com/news-releases/celsius-network-announces-an-investment-led-by-westcap-and-cdpq-at-a-valuation-more-than-us-3-billion-301397834.html)

- Caisse de dépôt et placement du Québec (CDPQ) — [Celsius via PR Newswire](https://www.prnewswire.com/news-releases/celsius-network-announces-an-investment-led-by-westcap-and-cdpq-at-a-valuation-more-than-us-3-billion-301397834.html)

## Sources

- [Celsius Network Announces an Investment Led by WestCap and CDPQ at a Valuation More Than US $3 Billion](https://www.prnewswire.com/news-releases/celsius-network-announces-an-investment-led-by-westcap-and-cdpq-at-a-valuation-more-than-us-3-billion-301397834.html) — Celsius via PR Newswire; published Oct 12, 2021; accessed Oct 26, 2026; primary source.

- [Celsius Emerges from Chapter 11 and Commences Distributions of Over $3 Billion of Cryptocurrency to Creditors](https://www.businesswire.com/news/home/20240131994097/en/) — Celsius Network LLC via Business Wire; published Jan 31, 2024; accessed Oct 26, 2026; primary source.

- [Celsius Network Dissolution and Distribution](https://celsiusdistribution.stretto.com/support/solutions/articles/153000147019-celsius-network-dissolution-and-distribution) — Celsius Distributions / court-appointed claims administrator Stretto; published Apr 28, 2025; accessed Oct 26, 2026; primary source.

[Methodology](https://altss.com/unicorn-tracker/methodology) · [All cases](https://altss.com/unicorn-tracker)