The bankruptcy auction for Celsius Network is coming to a close, with a consortium of investors led by TechCrunch founder Michael Arrington's Arrington Capital and including Coinbase emerging as the top bidder for the bankrupt crypto lender's assets.

The bids submitted in the auction have exceeded the initial bid from NovaWulf by hundreds of millions of dollars. The auction process has attracted competitive bids from investors looking to restart the firm under new management. Celsius Network plans to conclude the auction within a week, which will ultimately provide more value to its creditors and customers who have been stranded since July last year.