ConstitutionDAO was confident it had enough funds to snap up the historic document, but had to throw in the towel once bids exceeded $40 million.
A group of cryptocurrency enthusiasts have failed in their audacious bid to buy a rare copy of the U.S. Constitution.
ConstitutionDAO — a decentralized autonomous organization — had been quietly confident about their chances ahead of last night's Sotheby's auction.
Speaking on Discord, those behind the DAO feared there wouldn't have been enough money left to "insure, store and transport the document" if a higher bid had been placed.
The project remained upbeat as it broke the bad news to its community last night, and said in a statement:
"While this wasn't the outcome we hoped for, we still made history tonight with ConstitutionDAO. This is the largest crowdfund for a physical object that we are aware of — crypto or fiat. We are so incredibly grateful to have done this together with you all and are still in shock that we even got this far."
Signing off, the organizers assured donors that they would be contacted in the coming days to receive a refund — although gas fees would be deducted.
The auction was live streamed, but an already nail-biting watch for DAO members was punctuated by confusion, as they didn't actually know which representative was bidding on their behalf — and it wasn't immediately clear whether they had won when the auctioneer's gavel fell.