Crypto Group Fails To Wins Auction For Rare US Constitution Copy But Says It Made A New Crowdfunding Record

Cryptocurrency group ConstitutionDAO has failed in its bid to buy a rare first-edition copy of the United States Constitution at a public auction by Sotheby's on Thursday.

 What Happened: ConstitutionDAO, a decentralized autonomous organization, took to Twitter to announce that it did not win the bid for the copy of the U.S. Constitution.

pic.twitter.com/6GVxlkvJbj

— ConstitutionDAO (@ConstitutionDAO) November 19, 2021

The document was purchased by another bidder for $43.2 million, while Sotheby’s had estimated the document to be worth $15 million to $20 million, according to the auction house. The identity of the winning bidder is not known.

ConstitutionDAO added that it "broke records for the most money crowdfunded in less than 72 hours" and had 17,437 donors.

Participants in the ConstitutionDAO will be refunded their money minus transaction fees, according to the group.

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Why It Matters: ConstitutionDAO was created with the sole purpose of buying one of the only 13 surviving copies of the original print of the U.S. Constitution.

The group raised more than $47 million in Ethereum (CRYPTO: ETH) donations for bidding on the rare document.

DAO is an online community that has no hierarchy and allows participants to vote on decisions about how it should be run.

The specific copy was last purchased by a New York real estate developer S. Howard Goldman in 1988 for $165,000. His widow Dorothy Goldman put the document for sale this year.

Price Action: Ethereum is down 4.6% during the last 24 hours, trading at $4,071.88 at press time.

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Photo: Courtesy of National Archives