Private equity firm Apollo Global Management, which has over a half trillion dollars in total assets, has expressed an interest in acquiring cryptocurrency lending firm Celsius. The bid is represented by NovaWulf, an investment group partnered with Provenance Blockchain and Figure. Apollo's involvement is significant as it shows a major traditional finance giant is open to investing in cryptocurrencies.

Celsius had to enter bankruptcy due to bearish crypto market conditions in 2020, but has since come back with plans to conduct mining, staking and security token offerings. Financial information related to the possible acquisition has been released showing prospective investors will receive tiered management fees along with an incentive fee based on Celsius' net asset value. The bid process has been paused, with a new date yet to be announced.

The involvement of the blockchain companies Provenance and Figure stands to revolutionize the industry, allowing for the trading of natively issued blockchain securities. Provenance'slocked value (TVL)has overtaken Ethereum's to be the largest on-chain asset block, while Figure is a broker-dealer and has been granted an alternative trading system (ATS) exemption.

Morgan McKenney, CEO of Provenance Blockchain, gave her own commentary on the opportunity that Apollo presents. She praised the PE firm as a leader that is showing the way into the future, noting their familiarity with credit bodes well for their focus on distressed investments.

Overall, Apollo Global Management's willingness to get involved with crypto signals a positive shift in attitude from traditional finance. The company has now taken a step into the virtual asset industry which could potentially pave the way for more large investments.



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