Key team members behind NovaWulf, the digital asset investment firm that bid for bankrupt crypto lender Celsius, have formed a new firm called Valinor, according to an email reviewed by CoinDesk.

“We are excited to share the news that we are launching a new investment entity, Valinor, to pursue investment opportunities related to blockchain and financial innovation. While our NovaWulf chapter has come to an end, we are fortunate to have the backing and collaboration of some of our former partners in this new pursuit,” the email said.

Former NovaWulf employees Connor Dougherty and Lily Yarborough are spearheading Valinor with the continued support and collaboration of two former NovaWulf partners, a person involved in the new venture said.

“Given changes in the sector and the diverse opportunity set, the founding NovaWulf partners amicably decided it was optimal to pursue those opportunities on a separate basis,” the person said.

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.