Settlement includes $500 million in payments and dismissal of adversary proceeding and arbitration

Today, GXD Labs, a wholly-owned subsidiary of Atlas Grove Partners, and EquitiesFirst jointly announced a settlement of claims relating to loans made by EquitiesFirst to Celsius Network. The settlement, which includes $500 million in payments, resulted in the dismissal of both an adversary proceeding originally filed in September 2023, and a related arbitration.

“We are pleased to have reached a settlement with EquitiesFirst,” said R Christian Wyatt, Co-Founder and Managing Partner, GXD Labs. “This bespoke, out-of-court resolution is an important milestone for Celsius’s creditors and the bankruptcy estate, and a testament to the rigorous, strategic approach our firm brings to complex asset recovery.”

“We appreciate the collaboration with GXD Labs to put this matter behind us,” said Al Christy, Jr., Founder and Chief Executive Officer, EquitiesFirst. “EquitiesFirst looks forward to continuing to be a leading provider of progressive capital throughout the world just as we’ve done since the firm was founded 24 years ago.”

GXD Labs managed the litigation against EquitiesFirst through the Blockchain Recovery Investment Consortium (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.

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 EquitiesFirst Holdings

Founded in 2002, EquitiesFirst is a global investor specializing in long-term equities-based financing. EquitiesFirst's approach overcomes traditional limitations and redefines the financing experience through providing efficient access to capital for listed companies, entrepreneurs and investors against publicly traded securities. Total value of loans transacted has reached over $7 billion as of the first quarter of 2026.

Headquartered in Indianapolis, USA, EquitiesFirst maintains an international footprint of 13 offices in eight countries, including the United States, United Kingdom, China (Hong Kong, Shanghai and Beijing), South Korea, Thailand, Singapore, Australia (Sydney, Perth, Melbourne and Brisbane) and the United Arab Emirates. EquitiesFirst is licensed and/or registered in all jurisdictions where required.

EquitiesFirst is the pioneer of Progressive Capital – a partnership approach to investment, rooted in respect, mutual interest and understanding. EquitiesFirst delivers liquidity solutions that are vital, transformative and move partners forward.

For more information, please visit www.equitiesfirst.com.

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 GXD Labs 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. GXD Labs does not guarantee the accuracy or completeness of information obtained from third-party sources.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260522197673/en/

“We are pleased to have reached a settlement with EquitiesFirst,” said R Christian Wyatt, Co-Founder and Managing Partner, GXD Labs.