Billionaire Hedge Fund Manager Ken Griffin Outbids Crypto Investors At An Auction

The billionaire hedge-fund manager and founder of Citadel has outbid a group of cryptocurrency enthusiasts at an auction that had one of the rarest and first-printed copies of US Constitution on sale.

The billionaire hedge-fund owner paid $43.2 million to win the bidding war and snatched away the US Constitution to his name. But what does Ken Griffin intend to do with his latest prestigious possession?

‘A Sacred Document’

He plans to donate it to the Crystal Bridges Museum of American Art. The museum is located in Bentonville, Arkansas.

Talking about his $43.2 million decision to win the rarely first-edition US constitution, he said “The US constitution is a sacred document that enshrines the rights of every American and all those who aspire to be,” Griffin said.

“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,” he added further.

The presale estimate of the rare first edition of the US constitution was in the range of $15 – $25 million but the billionaire hedge-funder manager ended up paying 2x the amount.

The Crypto Investors Collective

The competitive bidding was from a group of crypto investors that go by the name of ‘CollectiveDAO’. The group launched a campaign that pooled money from 17,000 crypto investors to win the auction and be proud posessors of a rare firstly printed copy of the US Constitution.

Each member was asked to contribute a uniform amount of $206, according to the message CollectiveDAO put out following their loss.

“We memed this into reality. We made history,” the collective wrote on Twitter after the auction.

Meanwhile, Ken Griffin owns Citadel and Citadel Securities, few of the most prestigious financial services institutions on planet earth. The business magnate was a center of attention earlier this year when his firm was vital during frenzied trading in GameStop shares.

Shaheer is passionate about living a life seeking un-ending knowledge, philomath, as you may think of him. He's a student of Finance and a keen observer of Business and Indian-Political scenario who takes pleasure to pen down his views and opinions on the same. As his guiding mantra to life, ‘Come what may , life goes on’ helps.

Leave a Reply

Clout Newsletter

Subscribe To The Clout Newsletter Below and Get The Best of Clout News In Your Inbox!