The amazing NFT portfolio belonging to crypto hedge fund Three Arrows Capital (3AC) is now in the hands of liquidators, following its high-profile bankruptcy case.
The collection of NFTs, officially, The Starry Night Capital fund, was established in August 2021. They worked with pseudonymous investor Vincent Van Dough, who helped to find valuable and rare NFTs for the portfolio. The NFTs in question include some of the most valuable in the world, including CryptoPunks, Art Blocks, and Rare Pepe NFTs.
Three Arrows NFT portfolio will go on sale!
According to crypto analytics firm Nansen, the value of the Starry Night Capital NFT portfolio is around $846,000 worth of ETH. However, these estimates are well below the last purchase price, so it could be much more.
Significantly, some NFTs here will surely sell for staggering amounts. The CryptoPunks and high-profile generative artwork, such as an Art Blocks NFT from Dmitri Cherniak’s Ringers collection, are amongst the most valuable in the collection.
This huge Three Arrows NFT collection is now in the hands of Teneo. Notably, they are a business advisory firm dealing with chapter 15 bankruptcy. Estimates suggest they could recover millions of ETH through the NFT liquidation process.
What happened to Three Arrows Capital?
The high-profile collapse of Terra’s UST and LUNA ecosystem in May spread chaos throughout the crypto world. However, Three Arrows Capital, one of the biggest hedge funds in the space, had a large interest in these.
By June, 3AC filed for Chapter 15th bankruptcy and announced it owed $3.5 billion to creditors following its collapse. Now, the liquidators, Teneo, will use the large Three Arrows Capital NFT portfolio to recover millions.