Apollo Global Management, a distressed-investing specialist with over half a trillion dollars of assets, is reportedly participating in a bid to acquire cryptocurrency lender Celsius. The bid was submitted by NovaWulf, in which Apollo is an investor. If NovaWulf wins the auction, investors will receive a tiered management fee and an incentive fee tied to the restructured Celsius' net asset value.
The revamped Celsius will mine bitcoin, participate in ether staking, and issue blockchain-based security tokens representing ownership interests in itself. The sale process has been paused, and the winner has not yet been announced.
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