Gemini and Coinbase join Celsius auction bidding for bankrupt firm.

Two new consortiums, Fahrenheit and Blockchain Recovery Investment Committee, have joined the three-way auction for crypto lender Celsius, which is set for Tuesday. The auction will determine how and when more than 600,000 Celsius creditors will be paid and whether the company will become a going concern when it exits Chapter 11. The new bidders are backed by veteran crypto operators who could likely extract more value by operating rather than liquidating the bulk of Celsius’s assets. Coinbase and Gemini are part of the bidding for Celsius.