Spey Bay Golf Club in Moray has been put on the market with offers invited in excess of £1.5 million, three years after it was acquired by US-based LinksDAO, a golf organisation with roots in the cryptocurrency world.
The 18-hole links, which currently trades as Links Golf Club, was acquired by LinksDAO in 2023 from previous owner Colin Murray.
LinksDAO was founded as a decentralised autonomous organisation (DAO) built around the idea of combining golf and Web3 technology. It raised funds through the sale of its own cryptocurrency-based NFTs and used its community of members to invest in and develop golf-related assets.
Its acquisition of Spey Bay was one of the most notable examples of the organisation’s ambitions to bring its model into the physical golf industry.
Now, just three years after the purchase, the club has been put up for sale, with offers invited in excess of £1.5 million.
Located at the mouth of the River Spey on the Moray Firth, Spey Bay is described as one of Scotland’s top 100 golf courses and as a rare opportunity to acquire one of only 247 links golf courses in the world.
The course dates back to 1907 and was designed by renowned Scottish golfer and architect Ben Sayers, whose other designs include North Berwick, Kilspindie and Nairn.
The 5,860-yard, par-70 course runs across undulating shingle banks alongside the Moray Firth and has a history dating back to a commission from the Duke of Gordon.
The club currently has 329 members, according to figures from September 2026, while its green fee is £85.
Facilities include a clubhouse with café-style accommodation, a gym, golf shop and ancillary facilities, together with a large practice putting green featuring a ‘Himalayas’ section.
The property also includes a touring caravan and motorhome park and a course materials borrow pit, formerly used as a range outfield.
The sales particulars describe the club as a “long-established, recently reinvigorated business” with “obvious scope for further commercialisation”.
The sale, which is being marketed by HMH Golf & Leisure, includes the heritable interest, or freehold, of the property.
LinksDAO’s decision to sell comes as the organisation looks to focus its activities closer to home, with the majority of its members based in the US.
The sale therefore represents a significant change of direction for an organisation that made headlines in the golf industry with its ambitious plans to use cryptocurrency and Web3 technology to build a new type of golf community.
The property is now being marketed as an opportunity for a new owner to develop both the golf operation and its wider commercial potential.
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