Apollo Global Management, a private equity and private credit investor, is reportedly supporting NovaWulf’s bid to acquire Celsius Network, a bankrupt crypto lender. Celsius had named several companies interested in buying the lender, including NovaWulf, Fahrenheit LLC, and the Blockchain Investment Recovery Committee. According to CoinDesk, Apollo is providing financial backing as a capital partner to NovaWulf. The Celsius sale was paused at the end of April, and the auction winner has not been announced yet.
Investors in this bid would receive a tiered management fee and an incentive fee tied to the restructured Celsius’ net asset value (NAV) if NovaWulf wins the auction. NovaWulf partnered with the Provenance Blockchain in February to facilitate the issuance and trading of equity tokens in the new Celsius.
Per Provenance Blockchain CEO Morgan McKenney, Apollo is a “flagship” that is “leading the industry into the future.” In October last year, Apollo started holding crypto on behalf of clients in a partnership with the digital asset platform Anchorage Digital.
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
Apollo seems to remain steadfast in its crypto journey, as evidenced by the hire of Christine Moy, a former JPMorgan Chase executive, to lead digital asset strategy and investment decisions in crypto, blockchain, and Web3.
The move by 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 string of bankruptcies, and various legal and regulatory issues. Despite these challenges, Apollo appears to be positioning itself as a leader in the space, with a strong focus on digital assets and blockchain technology.
Subheadings:
- Apollo Global Management reportedly supporting NovaWulf’s bid for Celsius Network
- Investors in NovaWulf’s bid would receive a tiered management fee and an incentive fee tied to Celsius’ net asset value
- Partnership with Provenance Blockchain to facilitate the issuance and trading of equity tokens
- Apollo leading the industry into the future, says Provenance Blockchain CEO
- Apollo remains steadfast in its crypto journey, hiring former JPMorgan executive to lead digital asset strategy
- Apollo positioning itself as a leader in the crypto industry despite challenges
