The Official Committee of Unsecured Creditors in the Celsius bankruptcy case said a proposed sale to NovaWulf Digital Management is “the best” option, according to a new court filing.

Smaller creditors would receive 70% of their money back under the proposed deal, while larger creditors would receive tokenized shares in a new entity managed by NovaWulf. Celsius filed for bankruptcy protection last year and owes billions to its creditors. 

“While the committee will consider all options until a plan is confirmed and has become effective, the committee also believes that the NovaWulf Transaction is the best, actionable alternative at this time,” the filing said.