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A Bitcoin-Funded Tall Ship Is Coming to Mission Bay: The Story Behind Pilgrim III

By Hedda ParashosSeptember 23, 2026

An anonymous bitcoin donor is funding construction of the Pilgrim III tall ship in San Diego — a two-masted brig replica that will serve as a floating classroom in Mission Bay. The project connects modern tech-era philanthropy to San Diego's deep maritime roots and Richard Henry Dana's famous 1800s voyage. Here's what you should know.

A replica of an 1800s brig is being built in San Diego, paid for by an anonymous donor in bitcoin. Construction is expected to cost 120 to 150 bitcoin, which is $10 million or more at current prices.

This is one of those stories that reminds you San Diego has a character unlike anywhere else.

The Pilgrim III Tall Ship San Diego Project, Explained

The ship is a two-masted brig modeled on the original Pilgrim, a vessel built in 1825. In 1834 and 1835 the Pilgrim carried a young Richard Henry Dana from Boston around Cape Horn to California. Dana later wrote about the voyage in Two Years Before the Mast, a book that put early California and its hide trade on the map for readers across the country. His descriptions of San Diego Bay are among the earliest detailed accounts of this coastline, written long before the modern city took shape.

The Pilgrim III is taking shape at the Driscoll Mission Bay boatyard, and construction is expected to take at least three years. The nonprofit PILGRIM III Foundation is leading the project. It plans to use the ship for educational programs, youth sailing and public outreach, so students and visitors can experience life aboard a 19th-century sailing ship. The vessel is being built to U.S. Coast Guard standards for sailing school vessels, which means it's designed to go to sea, not just sit at the dock.

Project spokesperson Brian Thomas shared the details with Axios. The ship's designer is naval architect Doug Sharp, who also helped design the Maritime Museum of San Diego's replica of the San Salvador, the galleon that was built in public view at Spanish Landing.

The donor's identity hasn't been made public, and the foundation calls bitcoin its main form of payment for the project. The new ship also follows a loss: the earlier Pilgrim replica, a longtime fixture in Dana Point, sank in 2020. Pilgrim III is meant to bring that piece of California maritime history back.

Why This Matters Beyond the Novelty

San Diego's maritime identity runs deeper than most residents realize. The bay was a hub for the hide and tallow trade that shaped early California commerce. Dana's voyage linked San Diego to the wider American story at a time when California was still Mexican territory. When the original Pilgrim arrived, the area had a presidio, a mission and a small pueblo, plus hide houses along the shore where ships loaded their cargo.

Projects like this one give San Diego more than a novelty. A working replica tall ship with an educational mission can draw school groups and visitors for years. Mission Beach and the surrounding waterfront already attract heavy foot traffic, and a ship being built right in Mission Bay adds a layer of cultural weight to the area.

For La Jolla residents and others along the coast, this is the kind of civic investment that deepens what San Diego offers as a place to live, not just a place to visit.

What This Means For You

• Mission Bay is home to a one-of-a-kind shipbuilding project that could put the area in the spotlight while the ship is being built and after it launches.

• Projects tied to San Diego's maritime history tend to strengthen community identity in coastal neighborhoods, and that identity is one factor buyers weigh when choosing where to put down roots.

• A sailing school ship with local roots could bring new educational and on-the-water opportunities for San Diego families.

• San Diego's history as a maritime hub is underappreciated, and this project makes part of it tangible and accessible.

San Diego has always been shaped by the water. The Pilgrim III is a fitting continuation of that story, funded in one of the newest currencies by someone who cares about local history but prefers to stay anonymous.

Frequently Asked Questions

What is the Pilgrim III tall ship?

The Pilgrim III is a replica of the two-masted brig Pilgrim, the ship that carried writer Richard Henry Dana to California in the 1830s. It's being built in Mission Bay as an educational sailing vessel. An anonymous donor is funding it with 120 to 150 bitcoin, which is $10 million or more at current prices.

Where is the Pilgrim III being built?

It's under construction at the Driscoll Mission Bay boatyard in San Diego. The build is expected to take at least three years. The foundation hasn't announced where the finished ship will be based.

Who is behind the Pilgrim III?

The nonprofit PILGRIM III Foundation is leading the project, and naval architect Doug Sharp is designing the ship. Sharp also helped design the San Salvador replica now sailed by the Maritime Museum of San Diego. Brian Thomas is the project spokesperson. The donor's identity hasn't been disclosed.

Source: axios.com