BusinessPostCorner.com
No Result
View All Result
Saturday, July 5, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Bankrupt Crypto Lending Firm Celsius Targeted for Acquisition by Apollo and NovaWulf

May 9, 2023
in Crypto News
Reading Time: 3 mins read
A A
0
Bankrupt Crypto Lending Firm Celsius Targeted for Acquisition by Apollo and NovaWulf
ShareShareShareShareShare
Source: AdobeStock / Timon

Apollo Global Management is reportedly part of a bid by crypto investment firm NovaWulf to acquire the bankrupt crypto lender Celsius Network. 

On April 30, Celsius named several companies interested in buying the lender, including NovaWulf, Fahrenheit LLC, and the Blockchain Investment Recovery Committee.

“NovaWulf […] is one of several parties bidding for Celsius’s assets alongside a consortium that includes crypto exchange Gemini Trust, court documents show,” according to Bloomberg.

Then this Monday, CoinDesk reported, citing “a person familiar with the matter”, that Apollo – a private equity and private credit investor in charge of more than half a trillion dollars of assets – is providing financial backing as a capital partner to NovaWulf in its bid for Celsius.

The two companies declined to comment for the report.

The Celsius sale was paused at the end of April, and the auction winner has not been announced yet.

The auction is now adjourned until further notice while discussions of the bids continue. As these discussions continue, the deadline to submit our Disclosure Statement has been extended until May 11, 2023.

— Celsius (@CelsiusNetwork) April 30, 2023

CoinDesk cited an investor deck, which didn’t mention Apollo’s name and deal terms with NovaWulf, but which stated that investors in this bid would receive a tiered management fee and an incentive fee tied to the restructured Celsius’ net asset value (NAV), should NovaWuld win the auction. 

In February this year, NovaWulf partnered with the Provenance Blockchain to facilitate the issuance and trading of equity tokens in the new Celsius. 

The deal was made between Celsius and NovaWulf to “sponsor a proposed plan of reorganization in partnership with Figure Technologies,” as its blockchain technology solution provider. The latter is the US Securities and Exchange Commission (SEC)-registered broker-dealer built on Provenance Blockchain. 

Per Provenance Blockchain CEO Morgan McKenney, Apollo is a “flagship” that is “leading the industry into the future.”

“Apollo is huge in credit; they know everything about credit,” McKenney told the news outlet. 

In October last year, Apollo started holding crypto on behalf of clients in a partnership with the digital asset platform Anchorage Digital. 

“It’s the validation of this incessant drumbeat that [crypto] is here to stay,” Diogo Mónica, president of Anchorage Digital, said at the time. 

Notably, the move by one of the world’s largest asset managers came at a time when traditional companies were moving away from the crypto industry following a market crash, a string of bankruptcies, and various legal and regulatory issues.

The effects of these issues are very much present today, but Apollo seems to remain steadfast in its crypto journey. 

Before that, in April, Apollo hired former JPMorgan Chase executive Christine Moy to lead digital asset strategy and investment decisions in crypto, blockchain, and Web3.

____

Learn more: 

– 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

– What Are Altcoins and How Do They Differ From Bitcoin?
– Bitcoin Security Tips For Beginners


Credit: Source link

ShareTweetSendPinShare
Previous Post

Goldman Sachs lawsuit: $215 million settlement with 2,800 female associates and vice-presidents

Next Post

Educational Assessment Often Overlooks The Significance Of Time As A Signal

Next Post
Educational Assessment Often Overlooks The Significance Of Time As A Signal

Educational Assessment Often Overlooks The Significance Of Time As A Signal

Two workers for SEC’s EDGAR system charged with insider trading

Two workers for SEC’s EDGAR system charged with insider trading

June 28, 2025
Trump’s July 9 tariff deadline is triggering market anxiety, says top analyst

Trump’s July 9 tariff deadline is triggering market anxiety, says top analyst

July 3, 2025
I tested 2025’s most realistic AI voice tools — here’s what blew me away

I tested 2025’s most realistic AI voice tools — here’s what blew me away

July 2, 2025
Borrowing costs jump and pound falls after Reeve’s tears

Borrowing costs jump and pound falls after Reeve’s tears

July 2, 2025
A self-described Democratic Socialist could be NYC’s next mayor, and the ultra rich are in revolt— ‘hot commie summer’

A self-described Democratic Socialist could be NYC’s next mayor, and the ultra rich are in revolt— ‘hot commie summer’

June 28, 2025
Microsoft to cut up to 9,000 jobs as it invests in AI

Microsoft to cut up to 9,000 jobs as it invests in AI

July 2, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

EU to stockpile critical minerals due to war risk

EU to stockpile critical minerals due to war risk

July 5, 2025
Hamas gives ‘positive’ response to Trump proposal for Gaza ceasefire

Hamas gives ‘positive’ response to Trump proposal for Gaza ceasefire

July 4, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!