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