23 February 2023 08:20, UTC
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A collection of prized NFTs purchased by Three Arrows Capital (3AC), the failed crypto hedge fund, will soon be put up for sale.
3AC’s liquidators, Teneo, notified interested parties about the sale on Feb. 22, according to a filing.
Christopher Farmer, a senior managing director at Teneo, wrote that the purpose of the sale “is to realize the value of the NFTs for the purposes of the liquidation,” adding that it is expected to commence within 28 days of the notice.
The NFTs on sale are separate from the Starry Night Capital portfolio, which was assembled by the pseudonymous collector VincentVanDough on behalf of 3AC, wrote Farmer. Teneo took possession of the wallet holding Starry Night’s NFTs in October last year, with the help of VincentVanDough. But the Starry Night portfolio is “presently subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands,” Farmer wrote in the filing.
The assortment of NFTs put up for sale nevertheless represents a potential treasure trove for collectors. There are a dozen CryptoPunks, 30 of Tyler Hobbs’ Fidenzas and 17 of Dmitri Cherniak’s Ringers — all blue-chip collections. Zerion suggests the value of the collection is roughly $6.4 million, though the estimate is based on floor prices, and therefore the figure may ultimately be higher.
3AC splashed 1,800 ETH (more than $5.6 million at the time) on Ringer #879 last year. The hedge fund’s co-founder and CEO Su Zhu said of the purchase at the time: “We like the Goose.” Cherniak tweeted today that the goose is now being liquidated.
Once vaunted as one of the top investors in the crypto market, 3AC imploded spectacularly last year, ultimately filing for bankruptcy in July. It owes creditors at least $3.5 billion.