What is Celsius's deal with novawulf digital management?

Bankrupt crypto firm Celsius has reached a deal in principle to be acquired by investment firm NovaWulf Digital Management. Why it's the BFD: The agreement could set a precedent and provide a roadmap for other bankrupt crypto firms.

Why did Celsius choose novawulf?

Celsius selected NovaWulf's bid out of more than 130 proposals received, saying that NovaWulf was the only finalist that intended to maintain long-term control over Celsius' harder-to-liquidate assets, like its loan portfolio and bitcoin mining business.

Why did Celsius file for bankruptcy?

Celsius filed for U.S. bankruptcy in July after freezing customer withdrawals. Celsius said at the time that it had more than 1.7 million registered users and approximately 300,000 active users with account balances greater than $100. Our Standards: The Thomson Reuters Trust Principles.

Why did the debtors choose novawulf?

The Debtors chose NovaWulf as it "provides the best method to distribute the Debtors’ liquid crypto assets and maximize the value of the Debtors’ illiquid assets through a new company run by experienced asset managers," the filing said.