A billionaire's crypto win

• Because he had promised Sotheby's he would bid on the work, using something called an "irrevocable bid," or third-party guarantee, he was entitled to a $4.2 million rebate, bringing his net price down to $43.2 million.

Why it matters: As crypto adoption spreads, the asset class is going to be increasingly enmeshed with systems that have existed for centuries, like 277-year-old Sotheby's. The shenanigans show that players fluent in the old ways still have a narrow edge in the game.

Catch up quick: ConstitutionDAO this week raised about $47 million to bid on the document.

• Think of ConstitutionDAO as a more pseudonymous, crypto-centric version of a GoFundMe or Kickstarter project, as Axios' Scott Rosenberg and Peter Allen Clark write.

Between the lines: The DAO wasn't legally allowed to bid on the Constitution. Instead, an old-fashioned LLC had to be constructed to make the bid, with extremely opaque governance ties between the DAO and the LLC.

The bottom line: Memes have become powerful enough to propel crypto participants into areas they barely understand.

• But Griffin, a noted crypto skeptic, knew exactly how much money his opponents had and, therefore, exactly what he needed to bid to win the document.