NFTs worth millions to be sold by 3AC liquidator, details inside
- Other Three Arrows Capital liquidator Teneo plans to sell NFTs worth millions seized from the defunct crypto hedge fund.
- The NFTs do not include any artworks from the portfolio of Starry Night Capital.
Teneo, the court-appointed restructuring firm to liquidate Three Arrows Capital (3AC), has revealed its plans to sell off a considerable portion of the defunct crypto hedge fund’s Non-fungible Token [NFT] collection. The court appointed the Singapore-based liquidator in 2022 after 3AC collapsed. Notably, the collapse of the firm resulted in hundreds of creditors, who were seeking a collective $3.5 billion.
Teneo to sell $22 million worth of NFTs
When Three Arrows Capital filed for bankruptcy in July 2022, it disclosed assets worth $1 billion, which included NFTs worth $22 million. According to a 23 February filing made by Teneo, a portion of the defunct hedge fund’s seized NFTs will be put on sale to generate value for the liquidation process. Additionally, the liquidator has stated that it plans to begin the sale of said NFTs within 28 days.
“The purpose of the sale is to realise the value of the NFTs for the purposes of the liquidation.”
Teneo’s filing clarified that the NFTs listed for sale do not include those from the Starry Night Capital portfolio. NFT collector VincentVanDough assembled it on behalf of 3AC. Teneo took possession of the wallet holding Starry Night’s NFTs in October 2022. At press time, they were subject to an application before the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands.
The collection of NFTs set to be sold includes blue-chip collections such as Bored Ape Yacht Club [BAYC], CryptoPunks, Fidenzas, Ringers. According to data from Zerion, the collection’s value is approximately $9.6 million based on current floor prices, with room for appreciation in the future.
Three Arrows Capital reportedly paid over $5.6 million worth of Ethereum for Ringer #879. Other NFT collections for sale include Autoglyphs, Chromie Squiggles, and Nimbuds.
