Teneo, the liquidation company responsible for overseeing Three Arrows Capital’s (3AC) bankruptcy process, has announced that it will begin the sale of certain NFT collections in its possession. The announcement was made in a letter sent out by the liquidation firm, and the sale is set to commence on March 28th, 2023.
This sale aims to realize the value of the NFT collections to aid the liquidation process. The letter also added that additional queries about the sales project should be directed to the Joint Liquidator, Christopher Farmer.
According to the letter, the Starry Night Portfolio of NFTs is not included in the collection to be sold off. It is currently the subject of an application before the Eastern Caribbean Supreme Court in the High Court of Justice, British Virgin Islands.
The Starry Night Portfolio is an NFT fund established in 2021 by 3AC to purchase some of the world’s finest NFTs in partnership with Vincent Van Dough, a pseudonymous NFT collector. The portfolio’s first purchase was the Arts Block NFT from Dmitri Cherniak’s Ringers collection, which sold for 1800 ETH, equivalent to $5.66 million at that time. The goal of the funding was to set up a physical gallery that will be used to showcase these arts and an NFT education portal for artists.
Bloomberg estimated the value of the NFT capital fund to be nearly $35 million, which is less than a quarter of the firm’s debt, currently sitting at around $2.8 billion. According to data from Dune analytics, the total value of NFTs with 3AC is $2 million, and the value of 3AC NFTs with Teneo is $21 million.
3AC is a Singapore-based crypto hedge fund founded in 2012 by Kyle Davis and Su Zhu. The company filed for bankruptcy last year when it could not pay creditors due to exposure to the TerraLuna ecosystem, which crashed a month before. Following that, Teneo was appointed by a court in the British Virgin Islands to oversee the bankruptcy proceedings.
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