A total of 80,000 shares in one of the original copies of the Declaration of Independence, printed in 1776, will be offered for just $ 25 each through a trading app next month.
Rally, an app launched in 2017 and known for acquiring remarkable collectibles, bought one of 20 original copies of the historical document for $ 2 million. The other extremely rare copies are in private hands.
Starting in May, investors will be able to buy a share of the Declaration of Independence when the Rally offers 80,000 to the public.
In an interview with CNNRob Petrozzo, co-founder of Rally, said each share will cost just $ 25, making it a $ 2 million initial public offering (IPO).
A total of 80,000 shares in one of the original copies of the Declaration of Independence (photo) printed in 1776 will be offered for just $ 25 each through a trading app next month.
How the Rally app process works
According to the platform’s website, Rally is an app used for buying and selling stocks of collectible assets.
So here’s how it works:
Rally says it collects, verifies and acquires remarkable items from collections and individuals around the world.
Rally turns the items into ‘a company’ through legal qualification and splits it into shares.
The company then opens an ‘Initial Offer’ in the Rally app where investors can buy shares and build their portfolios.
After 90 days, investors have the chance to sell shares through the app or top up their position on periodic trading days through registered broker dealers.
Petrozzo said Rally is “ setting up a marketplace that offers the best and most unique assets to the people who really care, ” especially at a time when there is a huge interest in collectibles.
Saying that I just bought 20 shares of X, Y and Z, if you put that in a group chat, it is not as interesting as saying, ‘I bought a few shares in the Declaration of Independence,’ he told the network . .
Some of the most notable items Rally has launched IPOs include a Wayne Gretzky vegetable card for $ 800,000, an autographed piece of hardwood floor from Kobe Bryant’s 2016 farewell game for $ 800,000, and a dinosaur skull for $ 285,000.
Rally currently has more than 250,000 users.
Since the start of the pandemic, the company has completed 230 offers on its platform.
At the back, Rally makes money by charging a purchase fee of about 7 percent of the item’s purchase cost.
Rally also said there are risks associated with investing in collectibles.
“Nothing ever goes straight up,” said Petrozzo.
According to Rally’s website, users invest in an ownership interest in a mini-company that owns and operates a specific asset.
If its value goes up, so should the value of your shares. If it makes more money than it takes to operate, you can get dividends, ” says the company’s site.
The app also matches users with potential buyers when they decide to sell their shares.
“The value of your investment can fluctuate – in both directions – and there is no guarantee that there will be a buyer offering the price you want when you want to sell,” the site reads.
Rally told CNN that the copy of the Declaration of Independence will be the most expensive item offered on its platform.
The company said the copy was printed in Exeter, New Hampshire, and attributed to printer Robert Luist Fowle.
Rally said the copy of the Declaration of Independence will be the most expensive item offered on its platform (file image)
According to CNN, it is believed to have been handed down in the family of renowned Massachusetts engraver Charles Toppan.
The news comes just a day after a 2003 ‘ultra-rare’ autographed LeBron James rookie card sold for an NBA record of $ 5.2 million.
Sales matched the sports trading card record set by a 1952 Mickey Mantle in January. The previous NBA record was set in March by $ 4.6 million rookie Luca Doncic.
A pair of Nike Air Yeezy 1s worn by rapper Kanye West sold for $ 1.8 million, three times the previous record for sneakers, Sotheby’s said Monday, as the market for rare athletic shoes soars.
The shoes beat the record of a pair of Nike Air Jordan 1s that sold for $ 615,000 at a Christie’s auction in August 2020.