According to a hearing held on Wednesday, a consortium called Fahrenheit that includes Arrington Capital, a venture capital firm, and U.S. Bitcoin Corp., whose assets total $2 billion are owned by bankrupt lender Celsius, is the top bidder at the auction.

NovaWulf was the initial bidder (also known as the stalking horses) who set the terms of the auction. It was founded by the same duo that created TeraWulf bitcoin miner TeraWulf. The auction could end as early as this week.

According to court documents, the assets include Celsius’s miner, its loan portfolio and staked cryptocurrency as well as other alternative investments.

Fahrneheit is backed Arrington Capital, U.S. Data Mining Group, Inc., (also known as U.S. Bitcoin Corp.), Investment firm Proof Group Capital Management, Former Algogrand CEO Steven Kokinos, investment banker Ravi Kaza, and former Algogrand CFO Steven Kokinos. It has been formalized as a Limited Liability Company.

Michael Arrington, the founder of synonymus VC, also said that Coinbase (COIN), was involved in the bid. Fortune reported this in a now deleted tweet. Arrington founded TechCrunch, a tech news site, and Crunchbase, an information platform.

Both bids have similarities. Fahrenheit will issue equity to manage the assets under the new company. Novawulf, on the other hand, plans to tokenize shares using the Providence blockchain.

Our bid is not a simple purchase of assets. “We are proposing to place the assets into a new business and run it with the sole purpose of growing these assets in order to make stakeholder whole,” Arrington stated in a Tweet announcing Fahrenheit.

A second bidder, a consortium consisting of Van Eck Absolute Return Advisers Corporation and Global X Digital decentralized finance company as well as Gemini Trust Company, was also made.

Judge Martin Glenn expressed concern that the process could hit a “regulatory snag” and compared this to Voyager – another crypto company that went bankrupt in 2017. The Celsius legal team tried to reassure Judge Martin Glenn, citing ongoing conversations with regulatory authorities.

The sale of Voyager assets worth $1 billion to Binance has been abruptly halted after regulators pushed back.

Noah Jessop, Managing Director of Proof Group, has invested in Core Scientific (CORZ), a bankrupt bitcoin mining company. According to his bio on Twitter, Core Scientific is in Chapter 11 bankruptcy as well as in a legal dispute with Celsius.

Read more about Bankrupt Crypto Lender Celsius Transfers 75M Ether to Staking service Figment

Nikhilesh De.