Crypto art collector PleasrDAO is raising $69 million

Quick Take

  • The art collecting DAO is looking to raise capital from external investors, after taking an undisclosed sum from a16z in December.
  • A document reviewed by The Block suggests it expects to close a $69 million fundraise by February.

PleasrDAO, a collective of crypto luminaries, is seeking an investment of $69 million.

A slide from the group’s fundraising deck, obtained by The Block, shows that it plans to add $69 million – categorized as an investment — to its treasury by February 2022.

Two people briefed on the raise said PleasrDAO is aiming for a valuation of roughly $1 billion. A spokesperson for PleasrDAO declined to comment. 

The group — a decentralized autonomous organization or DAO — was formed in March 2021, when its members put $525,000 towards the purchase of an animated Uniswap ad in the form of a non-fungible token (NFT). The ad, created by artist pplpleasr, depicts a pink unicorn making its way towards an Ethereum logo-cradling oasis.

Since then, PleasrDAO has collected other big-ticket items — all linked to what it describes as “culturally significant” ideas and causes, according to its website.

“Dubbed as an art collecting empire, the DAO is experimenting with novel concepts in digital and community art ownership,” reads a statement on PleasrDAO’s site. “Its members are exploring ideas such as fractionalizing iconic pieces to be distributed to, and owned by, the community.”

The group has already splashed $4 million on an NFT of the image that inspired Dogecoin; $5.4 million on a piece by Edward Snowden; and $4 million on a rare Wu-Tang Clan album.

Its members include dozens of DeFi founders, NFT collectors and digital artists. In December, venture capital firm a16z announced an investment in the group. The company did not disclose the size of its investment, but TechCrunch reported that it held less than 5% of the DAO’s governance tokens.

Treasury growth

The document obtained by The Block also suggests that PleasrDAO’s reserves will grow from 7,895 ETH to (roughly $18.8 million at current prices) this month to 27,725 ETH (around $66 million) by February, while its USDC stockpile will increase from a negligible sum to $3 million.

It’s unclear exactly how this is connected, if at all, to the fundraise — as the group’s total assets are only expected to grow from $83.6 million to $153.6 million (an increase of $70 million) after the deal has closed.

The same document indicates that 11 people currently work for PleasrDAO — a headcount that will more than double to 28 by the third quarter of next year.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC