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NovaWulf Digital Management
NovaWulf Digital Management was formed in 2021 by Jason New and Matan Friedman, two former Fortress Investment Group and Cerberus Capital Management...
NovaWulf Digital Management
NovaWulf Digital Management was formed in 2021 by Jason New and Matan Friedman, two former Fortress Investment Group and Cerberus Capital Management distressed-investing professionals who pivoted into the crypto restructuring space. The firm established principal offices in New York, Berlin, and Tallinn, positioning itself at the intersection of traditional distressed debt expertise and the emerging digital-asset bankruptcy complex. The firm deploys capital into distressed and special-situation opportunities across digital-asset platforms, structured as direct acquisitions, asset-restructuring mandates, and recovery-management agreements. Its signature engagement was the February 2023 stalking-horse bid for Celsius Network's institutional loan portfolio and asset-management business through a newly formed entity, Celsius NewCo — a plan that would have returned liquid crypto assets directly to creditors rather than selling at forced market prices. NovaWulf's model emphasizes operational control and orderly wind-downs over speculative trading, making it a structured-credit operator rather than a venture or hedge fund. The firm's team draws heavily from distressed-investing veterans at Fortress, Cerberus, and similar institutional platforms, though its overall headcount and assets under management remain undisclosed. NovaWulf operates alongside legal and claims-management partners, executing transactions across major crypto bankruptcy jurisdictions including the US, UK, and European Union. Structurally, NovaWulf represents a new hybrid: a dedicated distressed-credit manager for the digital-asset bankruptcy cycle. Unlike liquid token funds or venture shops, the firm acquires the rights to manage and monetize trapped platform assets through court-supervised processes — a posture that mirrors traditional turnaround advisory, applied to an asset class that lacked institutional restructuring capability before the 2022–2023 crypto defaults.
General information
Firm type
Asset Manager
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
Berlin, Germany · Tallinn, Estonia
Principals
Jason New
Co-Founder & Chief Executive Officer
Matan Friedman
Co-Founder & Chief Investment Officer
Sector focus
Frequently asked questions
What does NovaWulf Digital Management actually do?
NovaWulf acquires, operates, and winds down distressed digital-asset platforms through court-supervised restructuring and asset-recovery mandates. The firm acts as a distressed-credit operator, not a directional trading fund. Its model involves taking operational control of failed platforms, recovering trapped assets, and returning value to creditors through structured distribution plans.
Who runs investment decisions at NovaWulf?
Co-founders Jason New (CEO) and Matan Friedman (CIO) lead investment decisions. Both came from institutional distressed-investing backgrounds — New previously held senior roles at Fortress Investment Group and Cerberus Capital Management. The firm's executive team blends traditional special-situations expertise with crypto-platform operational experience.
How did NovaWulf enter the Celsius Network bankruptcy?
In February 2023, NovaWulf submitted a stalking-horse restructuring proposal to acquire Celsius Network's institutional loan book and asset-management business. The plan, called Celsius NewCo, would have returned approximately 85 percent of remaining liquid crypto assets directly to depositors rather than converting them to dollars at distressed market prices. The bid established NovaWulf as a serious institutional operator in crypto bankruptcy proceedings.
Does NovaWulf invest like a crypto hedge fund?
No. NovaWulf does not take directional market risk or trade tokens for appreciation. The firm structures itself as a distressed-credit and special-situations manager, acquiring platforms or loan portfolios at discounts to face value and generating returns through orderly recovery, liquidation, or operational turnaround — the same discipline applied by traditional distressed-debt shops to failed industrial companies.
Where does NovaWulf operate geographically?
The firm maintains offices in New York, Berlin, and Tallinn. Its transactions span major crypto bankruptcy jurisdictions, including the United States, the United Kingdom, and European Union member states. The multi-jurisdictional footprint reflects the cross-border nature of most large digital-asset platform failures and the legal complexity of recovering assets across regulatory regimes.
Is NovaWulf a single family office or an institutional manager?
NovaWulf operates as an institutional asset manager with a specialized distressed-digital-asset mandate, not a family office. The firm was co-founded by former Fortress and Cerberus professionals and pursues third-party capital and restructuring mandates rather than managing a single family's wealth.
What investment stages or asset types does NovaWulf target?
The firm targets distressed and special-situation opportunities across digital-asset lending platforms, crypto exchanges in bankruptcy, and related institutional loan portfolios. It does not participate in venture-stage funding, liquid token trading, or traditional private equity buyouts unconnected to digital-asset restructuring.
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