Apollo Global Management Allegedly part of bid by crypto investment firm novawolf To acquire bankrupt crypto lender Celsius Network,
Celsius on 30 April Name Several companies interested in buying the lender, including NovaWulf, Fahrenheit LLCAnd this blockchain investment recovery committee,
“Novawolf […] is one of several parties bidding for Celsius’ assets with a consortium that includes crypto exchange gemini trustcourt documents show,” According to Bloomberg.
Then This Monday, CoinDesk informed ofCiting “a person familiar with the matter”, that Apollo — a private equity and private credit investor in charge of more than half a trillion dollars in assets — is financially backing NovaWulf as a capital partner in its bid for Celsius. sending out.
Both companies declined to comment for the report.
Sales of the Celsius were halted at the end of April, and the auction winner has yet to be announced.
CoinDesk cited an investor deck that did not name Apollo and the terms of the deal with Novawolf, but said that the bid would offer investors a tiered management fee and the net asset value (NAV) of the restructured Celsius. There will be an incentive fee attached. Should Nova win the auction?
NovaWulf in February this year partnership Together provence blockchain To facilitate the issuance and trading of equity tokens in the new Celsius.
The deal was made between Celsius and Novawolf to sponsor a proposed plan of reorganization into a “partnership”. Chitra Technologies,“as its blockchain technology solution provider. The latter is the US Securities and Exchange Commission (SEC)-registered broker-dealer built on the Provence Blockchain.
Per Provence Blockchain CEO Morgan McKechnie, Apollo is a “flagship” that is “leading the industry into the future.”
“Apollo is huge in credit; they know everything about credit,” McKechnie told the news outlet.
Apollo last October started Crypto holding on behalf of clients in partnership with digital asset platform Anchorage Digital.
“It is a confirmation of this constant intoxication that [crypto] It’s here to stay,” Diogo Monica, president of Anchorage Digital, said at the time.
Notably, the move from one of the world’s largest asset managers comes at a time when traditional companies are moving away from the crypto industry following a market crash, a series of bankruptcies, and various legal and regulatory issues.
The ramifications of these issues are very much present today, but Apollo seems to be standing firm in its crypto journey.
Earlier in April Apollo hired out East JPMorgan Chase Christine Moy, executive to lead digital asset strategy and investment decisions across crypto, blockchain and web3.
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