Crypto enthusiasts want to buy an NBA team, after failing to purchase US Constitution

Thousands of cryptocurrency investors recently raised more than $40 million and nearly — but ultimately fell short of — purchasing a copy of the U.S. Constitution.

Now, a separate group of crypto fans is building momentum with another acquisition target: An NBA franchise.

In both cases, the crypto enthusiasts organized under what’s known as a decentralized autonomous organization, or a DAO, which is an online group with a collective bank account and a mission statement.

Calling itself Krause House DAO, a reference to the late Chicago Bulls general manager, Jerry Krause, the group of some 2,000 members raised the equivalent of $4 million U.S. in the cryptocurrency Ethereum in six days. The crowdfunding ended Thursday morning.