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.