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According to sources familiar with the matter on May 9, private equity giant Apollo Global Management is participating in the bid for the bankrupt encryption lending platform Celsius. Celsius has publicly identified several entities attempting to acquire the company. Apollo is one of the investors in the acquisition offer submitted by digital asset investment firm NovaWulf. According to an investor note, once NovaWulf wins the takeover, its investors will receive a management fee as well as an incentive fee tied to the restructured Celsius net asset value (NAV). The filing did not mention Apollo by name or the terms of its deal with NovaWulf.