Bankrupt Hedge Fund Three Arrows Capital Sells NFT Assortment at $4.6M Loss in Sotheby’s Public sale for $10.9M


An NFT assortment beforehand acquired by the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) just lately fetched $10.9 million in an public sale at Sotheby’s in New York. The public sale included 37 NFTs bought by 3AC for $15.5 million price of cryptocurrency in 2021. 3AC’s digital artwork assortment on Sotheby’s was titled “Grails: Property from an Iconic Digital Artwork Assortment.”

Among the many bought artworks was Ringers #879, “The Goose,” a digital piece by Dmitri Cherniak, which was a part of the digital portfolio assembled through the top of the NFT market. The co-founders of 3AC, Su Zhu and Kyle Davies, acquired “The Goose” for 1,800 ETH, equal to about $5.8 million on the time. The art work consists of 1,000 computer-generated summary photos. The NFT bought for $6.2 million in Thursday’s public sale that befell on June 15.

Different auctioned artworks from 3AC’s assortment included CryptoPunks #291, #6574, and #8950, in addition to Autoglyph #218 by Larva Labs. In keeping with studies, the Punks had been bought for about $75,000 to $90,000 every.

Dune Analytics information depicted final 12 months that Three Arrows Capital owned $7.5 million price of NFTs, together with Bored and Mutant Apes, PEGZ, and Artwork Blocks.

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Following the downfall of cryptocurrencies Luna and TerraUSD, Singapore-based Three Arrows Capital grew to become the primary main crypto agency to declare chapter in 2022.

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