Troubled Crypto Fund Three Arrows Capital Has USD 7.5M Worth of Blue-Chip NFTs - Report
Embattled crypto investment firm Three Arrows Capital (3AC), which has recently filed for bankruptcy, ostensibly holds more than USD 7.5m worth of blue-chip NFTs.
According to data compiled by crypto research firm 21shares, 3AC owns a total of 377 NFTs, which includes 11 CryptoPunks, 330 ArtBlocksCurated, 2 Mutant Apes, 1 Bored Ape, as well as other NFTs from other popular collections.
As of now, assuming average prices, 3AC's NFT portfolio is worth USD 7,524,617, according to Dune Analytics.
The company's CryptoPunks, worth over USD 3m, account for more than 40% of that figure. Moreover, its ArtBlocksCurated NFTs are worth around USD 2.5m.
As reported, 3AC has filed for Chapter 15 Bankruptcy. The filing came after a British Virgin Islands court ordered the liquidation of 3AC.
Chapter 15 bankruptcy enables "cooperation between U.S. courts and foreign courts" and is typically filed in an effort to protect the debtor’s assets.
Prior to its insolvency, Three Arrows Capital, spearheaded by Su Zhu, was known for its many investments in crypto-related ventures. The company reportedly managed as much as USD 10 billion in assets as recently as March.
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