(Bloomberg) -- Some former Celsius Network customers are exploring whether they can liquidate Ionic Digital Inc., a Bitcoin mining firm they own with other Celsius creditors that’s struggled to complete plans to go public.

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Joseph Sarachek, a lawyer representing some Celsius creditors, told a New York bankruptcy judge Tuesday that his office has been contacted in recent weeks by “numerous shareholders” who have inquired about forcing a liquidation of Ionic’s assets. A different Celsius creditor said during the court hearing that other shareholders are attempting to rally support to remove Ionic’s board of directors.

Ionic lawyer Gregory Pesce said during Tuesday’s hearing that management isn’t aware of any shareholder or group of shareholders who “has close to the voting power necessary to force any kind of sale” or board changes. He added the company isn’t engaged in any M&A activity, though the board and its advisers would evaluate any legitimate shareholder proposals.

Ionic was formed from the ashes of Celsius as a means of compensating customers whose assets were locked on the failed crypto platform before it filed for Chapter 11 bankruptcy protection in 2022. Ionic is cash flow positive and has about $200 million in cash and cryptocurrency, Pesce said.

The plan had been for Ionic to become listed on the Nasdaq Stock Exchange by the middle of this year, but it’s yet to happen following the May resignation of auditor RSM US and as former Chief Executive Officer Matt Prusak departed earlier this month after his contract expired.

Pesce said Ionic is now planning to go public “sometime in 2025.” He added the process of hiring a new auditor will likely take a couple more weeks. Having one is necessary to complete the public listing process because federal law requires an auditor sign-off on public disclosures, according to Pesce.

RSM didn’t resign because of disagreements with the company on accounting principals but because it decided to no longer take on cryptocurrency clients, Ionic has said.

Ionic has been developing facilities in Ward County, Texas to mine Bitcoin. One of four planned buildings has been completed, with the rest still under construction, Pesce said. Some creditors at the hearing criticized the board’s lack of experience in crypto mining.

Former Celsius customers are also being partially repaid through crypto and cash. Advisers overseeing payments said in a Monday court filing that roughly $2.5 billion has been distributed to 251,000 Celsius creditors to date. About 121,000 creditors, due to receive $1,500 on average, are still awaiting payments, according to court documents.

The bankruptcy is Celsius Network LLC, 22-10964, US Bankruptcy Court for the Southern District of New York (Manhattan)

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