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Home»ADOPTION NEWS»Gnosis DAO Evaluates $30 Million Token Buyback Proposal
ADOPTION NEWS

Gnosis DAO Evaluates $30 Million Token Buyback Proposal

By Crypto FlexsMay 20, 20243 Mins Read
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Gnosis DAO Evaluates  Million Token Buyback Proposal
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DAO is discussing a large-scale buyback proposal for native tokens.

The proposal was put forward by Thanefield Capital, a cryptocurrency fund with a vested interest in the Gnosis (GNO) token. The DAO is requesting a deployment of $30 million from the Treasury over six months, claiming it would rebalance GNO’s market value to its intrinsic book value.

Thanefield Capital argued that GNO’s current market capitalization based on circulating supply is underestimated. This contrasts with Gnosis DAO’s assets, which include $630 million in non-GNO liquid assets and $100 million in venture capital investments, totaling $730 million. In comparison, the circulating supply of Gnosis tokens is 1.53 million GNO, and its value is approximately $424 million. Although this is much lower than what is reported on sites like CoinGecko, the fund claimed that Gnosis DAO owns 1 million tokens and therefore is excluded from the circulating supply.

The proposal appears to have gained preliminary support from community members so far, with 12 out of 14 voters in the Governance Forum favoring it. Gnosis co-founder Martin Köppelmann approved the proposal, stipulating that token buybacks should be linked to a “growth program.”

“I am in favor of this proposal if the GNO acquired through buybacks is linked to a growth program that will eventually be used to attract more users,” Köppelmann said.

The proposed share buyback involves a two-pronged strategy.

If Thanefield’s proposal is approved, the implementation strategy for the proposed share buyback program will consist of a two-pronged approach. The first is the TWAP strategy, which allocates $15 million to purchase GNO tokens.

This method utilizes a time-weighted average price technique over a six-month period. The six-month TWAP is expected to result in daily buying pressure on GNO of approximately $83,333, according to the proposal. The second approach allocates $15 million at your discretion, but allows you to optimize purchases based on market conditions. The redemption is managed by karpatkey, an on-chain asset management project.

Gnosis DAO oversees Gnosis Chain, a sidechain running parallel to Ethereum, and the CoW Protocol, a decentralized exchange. Safe, the most widely used multisig provider on Ethereum, has also spun off from Gnosis into its own DAO.

Since the offer went live, Gnosis’ price has risen 20%, reaching a high of $320, according to The Block’s pricing page. The token is currently trading at around $308.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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