A stay Snapshot vote on Gnosis DAO is asking $GNO holders to authorize an opt-in redemption mechanism that might permit any holder to give up tokens for his or her pro-rata share of the DAO treasury, reigniting one in every of crypto’s longest-running debates over whether or not token holders or working firms have the stronger declare on a DAO’s steadiness sheet.
The tally has swung twice in 24 hours: first in opposition to the proposal after Gnosis co-founder Stefan George voted in opposition to it earlier immediately, then again in favor after a single giant pockets with 67,000 $GNO voted for it.
The proposal at present sits at roughly 116,000 $GNO For (~65%), 59,600 In opposition to, and 1,600 Abstain, clearing the 75,000 $GNO quorum with voting open till Could 12.
$223M Treasury
Per analyst Ignas, the Gnosis treasury holds roughly $223 million in $ETH, stablecoins, and ecosystem tokens, with about 1.3 million $GNO eligible to redeem in opposition to it. That works out to roughly $170 of treasury worth per token.
$GNO final traded close to $132, implying a 27% low cost to NAV, or about $38 per token if redemption executes. Backers have flagged the determine as conservative, because it values Gnosis Chain and Gnosis Pay at zero and marks the enterprise portfolio on the operator’s personal inside quantity.
The construction is opt-in. Liquid property ($ETH, stables) can be distributed at face worth, whereas illiquid positions, together with off-chain investments and Gnosis Ltd. fairness, would convert right into a declare token, gLTD-CLAIM, that pays out as worth is realized. Non-participants, in idea, will not be compelled right into a wind-down.
The Case for Redemption
Investor Wismerhill argues that Gnosis Ltd. has grow to be a “money sink” structurally misaligned with the holders funding it. Per his submit, Gnosis Ltd. obtained $30 million in DAO funding below GIP-128 ten months in the past. Over the 2 quarters during which the corporate disclosed income, the entire was below $300,000, and disclosures stopped in Q1.
The flashpoint, per Wismerhill, is a quiet treasury reclassification. The DAO’s treasury supervisor was instructed to reclassify 250,000 Ltd.-held $GNO as circulating provide, a change he says would lower NAV per $GNO by roughly 16.5% in a single day. He claims it was executed with no Snapshot vote, a GIP or a public announcement, and contradicts the purpose-driven entity construction below which Ltd. was restructured in 2025.
One other supporter, chud.eth, famous that GnosisDAO raised 250,000 $ETH at its 2017 ICO and now holds below 85,000 $ETH price of property, with no vital working income between then and now and substantial $ETH-denominated wage spend within the interim.
The Case In opposition to
Protected co-founder Lukas Schor pushed again utilizing greenback phrases as an alternative of $ETH. Per his submit, GnosisDAO raised $12.5 million in 2017 and now controls greater than $200 million in property with none additional fundraising, whereas constructing “a ton of worth for the trade.”
Ignas, who voted in opposition to, framed the proposal as the newest iteration of the “RFV Raiders” playbook that beforehand triggered the Rook wind-down, the Fei wind-down at Tribe DAO, and the marketing campaign that pushed Aragon to repurpose its treasury. He acknowledged the underlying logic, that holders have grounds to query why they need to hold funding Ltd. whereas their token trades beneath NAV, however argued the proposal would additionally defund Gnosis Pay, Circles and Gnosis Chain, all of which have actual customers, and famous that tokens buying and selling below NAV is a typical characteristic of bear markets that always resolves over time.
He additionally flagged a contagion danger. If the proposal succeeds, each different DAO buying and selling beneath NAV turns into a goal.
Acquainted Territory
The dynamic shouldn’t be new for Gnosis. In 2020, hedge fund Arca pushed for a $GNO tender provide on the identical logic that $GNO was buying and selling nicely beneath the e book worth of its underlying property. Arca’s then-CIO Jeff Dorman argued on the time that any token buying and selling beneath the e book worth of its DAO ought to “instantly” face requires liquidation.
This text was written with the help of AI workflows. All our tales are curated, edited and fact-checked by a human.
