According to CoinDesk, key team members behind NovaWulf, the digital asset investment firm that bid for bankrupt crypto lender Celsius, have formed a new firm called Valinor. The new investment entity will focus on investment opportunities related to blockchain and financial innovation. Former NovaWulf employees Connor Dougherty and Lily Yarborough are spearheading Valinor with the continued support and collaboration of two former NovaWulf partners.

The founding NovaWulf partners amicably decided to pursue opportunities separately due to changes in the sector and the diverse opportunity set. NovaWulf lost out in the Celsius bidding process to Fahrenheit, a consortium of buyers that includes venture capital firm Arrington Capital and miner US Bitcoin Corp. NovaWulf did not respond to requests for comment by press time.