Key Points:
Celsius has identified multiple companies that are looking to purchase the firm. Apollo is one of the investors in digital asset investment business NovaWulf’s takeover bid.
According to an investor letter, if NovaWulf wins the acquisition, its investors would get a management fee as well as an incentive fee connected to the restructured Celsius net asset value (NAV).
The petition made no mention of Apollo or the conditions of its agreement with NovaWulf. According to prior reports, NovaWulf intends to acquire all of Celsius Network’s assets and transfer the remaining assets to a new firm when its creditors have been paid. NovaWulf will administer the new firm for five years, appointing a new board of directors and tokenizing the shares.
Celsius will mine Bitcoin (BTC), take part in Ethereum (ETH) staking, and issue blockchain-based security tokens reflecting ownership interests in itself. The winner of the Celsius auction has yet to be declared; the sale was recently suspended with no new date scheduled.
According to an investor presentation reviewed by CoinDesk, if the NovaWulf offer is chosen as the winner, investors would get a tiered management fee as well as an incentive fee connected to the reorganized Celsius’ net asset value (NAV). The name Apollo and the conditions of its agreement with NovaWulf were not disclosed in the text.
NovaWulf has teamed up with the Provenance Blockchain to make it easier to issue and trade equity tokens in the new Currency. Figure, Provenance’s sibling fintech company, will assist in providing infrastructure for the tokenized securities. Figure and Apollo are already collaborating on tokenized assets.
On the platform, eligible users may now withdraw 100% of their assigned custodial assets. The Court allowed the Allocation of the remaining 6% of escrow assets that may have been allocated to eligible users earlier this year, totaling 100% of custodial assets that can be allocated to qualified users to suit. Formerly, qualifying users may take up to 94% of their dispersed custodial assets.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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Coincu News
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