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Crypto group amasses $46.6 million to bid on rare U.S. Constitution copy at Sotheby’s -Breaking

by Mike Robinson

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© Reuters. An extremely rare official first-edition printed copy of the U.S. Constitution as adopted by delegates to the Constitutional Convention in Philadelphia in 1787, which will auctioned off in mid-November 2021 by Sotheby’s in New York, is seen in this hand

LONDON (Reuters – A group of online investors has raised $46.6million in cryptocurrency funds to buy a U.S. Constitution original for auction at Sotheby’s on Thursday.

A group called ConstitutionDAO created a crowdfunding page where people could pay with the digital currency Ethereum to help raise funds. They claim that the money will be used by Sotheby’s to buy a very rare copy the U.S. Constitution.

Sotheby’s has estimated that this rare, first-edition, printed copy the U.S. Constitution will be valued at $15 to $20 million. At 7:05 p.m. Eastern Standard Time, the auction will begin.

ConstitutionDAO’s website states that contributors to funds will be made members of Decentralised Autonomous Organisation or DAO. However, they won’t own any shares in the document even if they have the winning bid.

A digital advisory board (DAO) is an online group that can utilize blockchain technology to enable members to make and approve decisions regarding how the community is managed. For example, they could use crypto tokens for voting.

ConstitutionDAO says the contributors would not be granted fractionalised ownership, but a “governance token”, giving them the power to advise on the future of the valuable item.

According to Juicebox, more than $46.6million worth of funds or 11,513 Ethereum had been paid into this project as of Wednesday, March 26, 2019, 3:26 PM EST. Juicebox website stated crypto crowdfunding was “experimental” and advised caution.

The ConstitutionDAO website stated that “the total raised will never be reflected here nor on any other site related to this project until after the auction has ended.”

Alice Ma, one of the individuals behind the project told Reuters that the funding was done by a group consisting of 34 people who are listed on ConstitutionDAO’s website. Some of them are listed with pseudonyms.

Endaoment will bid for the documents. Endaoment is the fiscal sponsor of the group. Endaoment will then take interim legal ownership of the document. ConstitutionDAO has provided a list of FAQs.

According to FAQs, “After the purchase of the first unit, the community can restructure their ownership so that it best reflects the DAO’s mission and values.”

According to ConstitutionDAO, the money raised would be held in a wallet shared by the 13 members of the team and returned for reimbursements should the group lose the auction.

The headline of the story is incorrect. It shows that the bid was for $46.6million and not $46.6million.

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