What caught our eye this week

Rhodium files for chapter 11 bankruptcy

Bitcoin Miner Rhodium Enterprises filed for Chapter 11 bankruptcy on Saturday. There had been rumors that the miner was facing solvency issues, which were then confirmed last weekend when the miner filed a voluntary petition for bankruptcy in the Southern District of Texas.

The bankruptcy includes 5 business affiliates under Rhodium’s corporate umbrella. According to the court document, Rhodium holds $50m to $100 million in liabilities and $100m to $500m in assets.A chart showcasing Rhodium’s corporate structure

In an email sent to investors on Saturday, Rhodium management said that they are working to secure financing to help the company restructure its debt. Rhodium said that the restructuring will not disrupt its mining and hosting businesses.

“We are in the process of obtaining debtor-in-possession financing, which we believe will give us the capital we need to operate in, and emerge successfully from, chapter 11,” the management team wrote.

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