GIP-XXX: Should GnosisDAO offer a one-time pro-rata treasury redemption?
- In Favour
- Against
Summary
This proposal establishes a one-time, opt-in pro-rata treasury redemption, developed jointly with the Gnosis founding team. Any GNO holder may exchange their tokens for their pro-rata share of the DAO’s liquid treasury at NAV, together with a discounted share of the capital called to date by GnosisVC. Participation is voluntary. Liquid assets are distributed in kind, redeemed GNO is returned to GnosisDAO and removed from circulation, and holders who do not participate keep their GNO and a larger pro-rata claim on what remains.
The design is deliberately simple. There is no synthetic claim token and no attempt to value or distribute Gnosis Ltd’s operating business, which keeps implementation straightforward and avoids any dispute over the valuation of illiquid or strategic holdings.
Rationale
GNO trades below the value of the assets that back it. This proposal gives every holder a one-time choice. Holders who prefer liquidity can redeem their GNO for their pro-rata share of the treasury at a fair NAV. Holders who keep their GNO benefit in two ways: every redeemed GNO is removed from circulation, increasing each remaining holder’s pro-rata claim on the treasury, and remaining holders retain their full share of Gnosis Ltd’s enterprise value, which is not part of the redemption. Redeemed GNO is returned to GnosisDAO and removed from circulation, thereby removing any rights, utility, or functionality that those redeemed tokens have in relation to the Gnosis Ecosystem, the GnosisDAO, and associated legal entities.
The Noca treasury dashboard (gno.now) provides a transparent, regularly updated NAV reference, so holders can evaluate this choice on clear and shared terms. The mechanism is voluntary, self-executing, and one-time. It does not change the treasury strategy and requires no ongoing judgment from the community once parameters are set.
Mechanism
Eligible supply
Eligible GNO, and the denominator for all pro-rata calculations, is:
Total GNO supply (3,000,000) minus GNO held by the DAO minus GNO held by Gnosis Ltd = 1,364,058 GNO.
Gnosis Ltd’s GNO is held by a purpose-driven entity on behalf of the DAO, so it is excluded from both the redeemable base and the denominator. The DAO’s own GNO and Gnosis Ltd’s GNO do not participate in the redemption. Redeemed GNO is returned to GnosisDAO and treated the same way: non-circulating and excluded from the eligible supply.
All GNO and osGNO are eligible. For osGNO, the osGNO:GNO rate from the official Stakewise Rate Provider at 00:00 UTC after the proposal passes on Snapshot will be used to determine the GNO amount.
What holders receive
Participants receive their pro-rata share of the following.
Liquid assets. ETH and ETH-equivalent positions are converted to ETH, BTC and RWA positions are converted to stablecoins, and stablecoins remain as stablecoins. Distributed at the snapshot mark.
SAFE, COW, and HOPR. Distributed in kind at the snapshot mark. Each holder decides individually whether and when to sell, which avoids any forced sale of strategic positions and removes the need to agree on a liquidity discount. Several holders have indicated they would prefer to receive these positions directly.
Long-tail tokens. Smaller positions are consolidated into stablecoins by Noca and distributed as stablecoins. Long-tail assets that cannot easily be consolidated are distributed in kind (e.g., auraBAL).
GnosisVC portfolio. GnosisVC has invested approximately $13M across two of three capital calls. For this redemption, the portfolio is valued at a 60% discount to capital called, or $5.2M. Because fund interests cannot be split and distributed in kind, this portion is settled in stablecoins, and the DAO retains the underlying positions.
Process
- Approval of this proposal through the standard GIP process.
- A web app allows any holder to send their GNO or osGNO back to GnosisDAO during a 14-day window, displaying the assets they will receive in return.
- After the 14 days, everyone who sent GNO or osGNO can claim their share of the treasury distribution. The claiming process has no time limitation.
Worked example
Based on current treasury values:
- Treasury excluding GNO: $151,220,464
- GnosisVC at the agreed valuation (60% discount to ~$13M called): +$5,200,000
- Redeemable treasury: $156,420,464
- Eligible GNO: 1,364,058
- NAV per eligible GNO: approximately $114.67
If 10% of eligible GNO opts in (approximately 136,405 tokens):
-
Participants surrender 136,405 GNO, which is returned to GnosisDAO and removed from circulation, and receive their pro-rata share of the liquid assets in kind, the long tail as stables, and stablecoins for their GnosisVC share at the $5.2M valuation.
-
Non-participants keep their GNO. Their pro-rata claim on the remaining treasury rises, and they retain their full share of Gnosis Ltd’s enterprise value.
-
Eligible GNO falls by 136,405 tokens.
Implementation
Responsible parties: Noca for the NAV snapshot, treasury execution, long-tail consolidation, and web app development; GnosisDAO governance for parameter approval.
Timeline: Execution begins one week after GIP approval.
Closing note
GnosisDAO holds one of the most well-capitalized treasuries in the ecosystem, and gno.now now makes its value transparent to every holder. This proposal turns that transparency into a concrete choice: redeem at fair NAV, or stay and benefit from a growing pro-rata claim on the treasury and on what the DAO and Gnosis Ltd continue to build.