Following lawsuit filed in August 2024, joint venture between GXD Labs, an affiliate of Atlas Grove Partners, and VanEck, an asset manager with approximately $161.7B under management, finalizes agreement with Tether

Today, the Blockchain Recovery Investment Consortium (BRIC), a joint venture between GXD Labs and VanEck, announced that Tether has paid $299.5 million to the Celsius Network bankruptcy estate after an adversary proceeding was filed in August 2024.

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The lawsuit, which was filed in the United States Bankruptcy Court for the Southern District of New York, alleged claims under the bankruptcy code and related claims arising out of collateral transfers and liquidations that occurred in the lead-up to Celsius’s July 2022 bankruptcy filing.

“We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” said David Proman, Managing Partner of GXD Labs, an affiliate of Atlas Grove Partners. “In addition, we are pleased with the timeliness with which the settlement was achieved.”

GXD Labs and VanEck managed this litigation through the BRIC, which was created in early 2023 to maximize recoveries in complex digital asset bankruptcies like Celsius. The BRIC was appointed Complex Asset Recovery Manager and Litigation Administrator by the Debtors and Unsecured Creditors’ Committee in the Celsius Network bankruptcy in January 2024, following Celsius’s exit from bankruptcy protection.

The BRIC continues to manage a portfolio of illiquid assets and litigation assets for the Celsius bankruptcy estate, working through the estate’s wind-down for the benefit of creditors. The team behind the BRIC – including R Christian Wyatt and David Proman of GXD Labs, and Pranav Kanade and Matthew Babinsky of VanEck – has significant experience in complex asset recovery, litigation management, and liquid and illiquid cryptocurrencies.

Benjamin I. Finestone, co-head of Quinn Emanuel Urquhart & Sullivan, LLP’s bankruptcy and restructuring group, advised the BRIC.

About GXD Labs

GXD Labs, a wholly owned subsidiary of Atlas Grove Partners (www.atlas.gp), is a digital asset and blockchain operating, investment and advisory business. We participate in all parts of the digital asset universe, through public and private investments, complex asset recovery, litigation and wind-down efforts. We also advise on strategic planning, growth, liability management and restructuring. www.gxdlabs.io

About VanEck

VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993, and exchange-traded funds in 2006 – that subsequently shaped the investment management industry.

Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of September 30, 2025, VanEck managed approximately $161.7 billion in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.

Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission. www.vaneck.com

Important Disclosures

This communication is provided for informational purposes only and does not constitute an offer to buy or sell, or a solicitation to buy or sell, any securities, financial instruments, or digital assets. The information herein reflects the views of the Blockchain Recovery Investment Consortium (BRIC), GXD Labs, and VanEck as of the date of this release and is subject to change without notice. Certain statements may constitute forward-looking statements that involve known and unknown risks and uncertainties; actual outcomes may differ materially. Neither VanEck nor GXD Labs guarantees the accuracy or completeness of information obtained from third-party sources.

© Van Eck Associates Corporation

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“We are pleased to have resolved Celsius’s adversary proceeding and related claims against Tether,” said David Proman, Managing Partner of GXD Labs, an affiliate of Atlas Grove Partners.