ConstitutionDAO Makes History Despite Losing Bid For U.S. Constitution
They may have been outbid, but a DAO managed to make history in their quest to buy the Constitution of the United States of America.
ConstitutionDAO, a group of 17,437 cryptocurrency investors who joined forces in attempt to buy the rare copy of the document, say they raised more than $40 million in three days going into Sotheby's auction Thursday.
The document sold for $43.2 million, more than doubling Sotheby's estimated sale price.
"We did not win the bid for the copy of the U.S. Constitution," the group announced in a Tweet. "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."
Ken Griffin, founder and CEO of Citadel, had the winning bid. The hedge fund manager and longtime cryptocurrency critic announced plans to loan the document to Crystal Bridges Museum of American Art in Bentonville, Arkansas.
Though the winning bid may have come out of spite, ConstitutionDAO doesn't seem discouraged.
The group, in a matter of a 72 hours, says they were able to raise donations across 21k members of their Discord and 42k Twitter followers.
"This is the real point," said Brooke Lampley, chairman and worldwide leader of sales for Sotheby's, in response to ConstitutionDAO's statement.
"ConstitutionDAO made history last night and will be back for more. And next time maybe with me."