Apollo Global Management is reportedly providing financial backing to crypto investment firm NovaWulf in its bid to acquire bankrupt crypto lender Celsius Network. The sale of Celsius was paused at the end of April, and the auction winner has not yet been announced. The auction is now adjourned until further notice while discussions of the bids continue. Investors in NovaWulf's bid would receive a tiered management fee and an incentive fee tied to the restructured Celsius’ net asset value (NAV), should NovaWulf win the auction. Apollo started holding crypto on behalf of clients in a partnership with the digital asset platform Anchorage Digital in October last year.

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