A leading crypto lending and borrowing firm that has made headlines for declaring bankruptcy has a non-fungible token portfolio containing assets from some of the most valuable and well-known collections.
What Happened: Cryptocurrency lending and borrowing firm Three Arrows Capital, also known as 3AC, declared bankruptcy recently after it saw positions liquidated.
The firm saw major losses stemming from an investment in Terra LUNA/USD, causing a liquidity crisis, similar to ones faced by other crypto companies.
Included in the collection are:
- 1 Bored Ape Yacht Club
- 2 Mutant Ape Yacht Club
- 11 CryptoPunks
- 330 Art Blocks Curated
- 8 PEGZ
- 4 DeafbeefV2
- 3 Autoglyphs
- 7 Art Blocks
- 7 Chromie Squiggle
All together, the assets are valued at a reported $7.36 million.
Why It’s Important: In August, it was reported that 3 Arrows Capital launched a fund to buy NFTs with NFT collector Vincent Van Dough called Starry Night Capital. The fund was aiming to raise $100 million for the purchase of NFTs.
“Our thesis is simple, we believe the best way to gain exposure to the cultural paradigm shift being ushered in by NFTs is owning the top pieces from the most desired set,” Van Dough tweeted at the time.
It is unclear if the fund and assets mentioned in the report are related.
The NFTs will likely be sold off as part of the liquidation and bankruptcy process.