The announcement comes less than 24 hours after the Coast Guard said they were ending their search for the missing captain.
Crews were able to rescue 15 people from the ship including a crewmember who died later at the hospital.
On Friday, the crew posted on their Facebook page that they were leaving New England to avoid the storm.
Some fans criticized the decision, and on Sunday the Bounty posted they were taking on water.
The Coast Guard will be investigating what caused the ship to sink and whether there's any evidence of misconduct.
From there, they will decide whether the HMS Bounty sinking should be investigated by the Marine Board of Investigation.