Crypto enthusiasts reportedly raised about $47 million worth of Ethereum (ETH) in an attempt to purchase a copy of the United States Constitution at an art auction.
The whopping sum of money was raised by a decentralized autonomous organization (DAO) known as ConstitutionDAO through over 17,000 donors with the goal of purchasing one of only 13 original remaining copies of the document.
The auction, conducted by iconic British auction house Sotheby’s, was held virtually and accepted bids in Ethereum (ETH).
This is the first DAO Sotheby’s has ever worked with and potentially the largest crowdfund for a physical object they have knowledge about, according to ConstitutionDAO.
In the course of the conducted auction, the price of the Constitution was bid up to $43 million before ConstitutionDAO gave up due to concern regarding funds for proper care and maintenance of the document.
In a tweet on 19th November, ConstitutionDAO noted:
“While this wasn’t the outcome we hoped for, we still made history tonight with ConstitutionDAO. This is the largest crowdfund for a physical object that we are aware of – crypto or fiat. We are so incredibly grateful to have done this together with you all and are still in shock that we even got this far.”
— ConstitutionDAO (📜, 📜) (@ConstitutionDAO) November 19, 2021
Billionaire Ken Griffin Wins the Bid
Shortly after ConstitutionDAO gave up due to funding, it was revealed in a Bloomberg report that the winner of the auction was billionaire Ken Griffin, the CEO of hedge fund and financial services firm, Citadel.
As a report has it, Griffin plans to lend the relic to museums such as Crystal Bridges Museum of American Art in Bentonville, Arkansas, among others.