Ken Griffin Outbids Crypto Investors For Original US Constitution Copy

Citadel CEO Kenneth Griffin paid $43.2 million to acquire a first edition copy of the U.S. Constitution, beating out thousands of crypto investors who pooled funds to bid on the historical document.

What Happened: According to a report from Politico, Griffin’s winning bid at Sotheby’s auction last week marked a world auction record for any book, manuscript, historical document or printed text.

“The U.S. Constitution is a sacred document that enshrines the rights of every American and all those who aspire to be,” said Griffin.

“That is why I intend to ensure that this copy of our Constitution will be available for all Americans and visitors to view and appreciate in our museums and other public spaces.”

Why It Matters: Until the last minute, the biggest contender to win the auction was a cryptocurrency project known as ConstitutionDAO, which pooled funds from 17,437 participants to acquire a copy of the U.S. Constitution.

“We showed the world what crypto and web3, onboarding thousands of people in the process, including museum curators and art directors who are now excited to keep learning,” said the project.

“We were the first DAO Sotheby’s has ever worked with, but we're sure we won't be the last one.”

What's Next: The project is now in the process of issuing refunds to those who contributed to the cause. However, DAO members may not be entitled to receive the entire sum that they initially contributed due to the high gas fees on the Ethereum ETH/USD network.

Photo by Brandon Mowinkel on Unsplash.