Home » Bankrupt Crypto Lending Agency Celsius Focused for Acquisition by Apollo and NovaWulf

Bankrupt Crypto Lending Agency Celsius Focused for Acquisition by Apollo and NovaWulf

by CoinVeem

Supply: AdobeStock / Timon

Apollo World Administration is reportedly a part of a bid by crypto funding agency NovaWulf to amass the bankrupt crypto lender Celsius Network

On April 30, Celsius named a number of firms curious about shopping for the lender, together with NovaWulf, Fahrenheit LLC, and the Blockchain Funding Restoration Committee.

“NovaWulf […] is certainly one of a number of events bidding for Celsius’s property alongside a consortium that features crypto trade Gemini Trust, court docket paperwork present,” according to Bloomberg.

Then this Monday, CoinDesk reported, citing “an individual acquainted with the matter”, that Apollo – a non-public fairness and personal credit score investor in control of greater than half a trillion {dollars} of property – is offering monetary backing as a capital associate to NovaWulf in its bid for Celsius.

The 2 firms declined to remark for the report.

The Celsius sale was paused on the finish of April, and the public sale winner has not been introduced but.

CoinDesk cited an investor deck, which did not point out Apollo’s identify and deal phrases with NovaWulf, however which said that buyers on this bid would obtain a tiered administration price and an incentive price tied to the restructured Celsius’ internet asset worth (NAV), ought to NovaWuld win the public sale. 

In February this yr, NovaWulf partnered with the Provenance Blockchain to facilitate the issuance and buying and selling of fairness tokens within the new Celsius. 

The deal was made between Celsius and NovaWulf to “sponsor a proposed plan of reorganization in partnership with Determine Applied sciences,” as its blockchain expertise resolution supplier. The latter is the US Securities and Alternate Fee (SEC)-registered broker-dealer constructed on Provenance Blockchain. 

Per Provenance Blockchain CEO Morgan McKenney, Apollo is a “flagship” that’s “main the trade into the long run.”

“Apollo is large in credit score; they know all the things about credit score,” McKenney informed the information outlet. 

In October final yr, Apollo started holding crypto on behalf of shoppers in a partnership with the digital asset platform Anchorage Digital. 

“It is the validation of this incessant drumbeat that [crypto] is right here to remain,” Diogo Mónica, president of Anchorage Digital, stated on the time. 

Notably, the transfer by one of many world’s largest asset managers got here at a time when conventional firms have been shifting away from the crypto trade following a market crash, a string of bankruptcies, and numerous authorized and regulatory points.

The consequences of those points are very a lot current immediately, however Apollo appears to stay steadfast in its crypto journey. 

Earlier than that, in April, Apollo hired former JPMorgan Chase government Christine Moy to guide digital asset technique and funding choices in crypto, blockchain, and Web3.


Study extra: 

Bankrupt Crypto Lender Celsius Finds a Buyer for Platform to Restart Operations – Here’s the Latest
Bankruptcy Judge: Celsius Account Holders Can Retrieve 72.5% of Crypto Holdings, Permitted They Opt-In to Settlement Plan

Celsius Network’s Mashinsky Refutes Blame for Crypto Lender’s Collapse in Legal Battle – Here’s the Latest
Celsius Pursues Legal Action: Mashinsky and Other Former Executives Targeted for Repayment in Bankruptcy Fallout

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