I’ll keep this focused and refer to my comment in the GIP-128 thread for the broader context on capital allocation and reporting.
First, there has never been a commitment approved by GnosisDAO to buy back GNO until it trades at “NAV”. There is currently no explicit buyback policy. If the DAO wants one, it should be proposed via a GIP together with a clearly defined methodology. Absent that, NAV is an indicative metric, not an execution target.
Second, on circulating supply: Gnosis DAO and Gnosis Ltd are distinct entities. GNO held by Gnosis Ltd is part of active supply. A meaningful portion is committed under employee incentive plans with milestone-based disbursement tied to user growth and revenue. They are not sold and they are not idle treasury. Treating them as non-circulating is inaccurate. The GNO tokens vested over a number of years and initially were consequently treated as non-circulating. Since the vesting period has lapsed, this has been updated.
Third, on methodology: NAV is not a single objective number. It depends on assumptions around illiquid assets, venture positions, and token classification. Changing the treatment of Ltd-held GNO affects the denominator and therefore the displayed NAV per token, but it does not create or destroy underlying value.
Fourth, on process: earlier dashboard versions were shared as work in progress, not audited, and provided informally. They should not be treated as a finalized or governance‑approved methodology. The work under GIP-148 is moving toward a consistent, documented standard that GnosisDAO can review and, if it wishes, adopt explicitly.
Finally, on the implications drawn here: nothing about this change represents hidden value transfer or a change in economic reality. It is a classification update. If the DAO prefers a different treatment or wants to anchor treasury actions to a specific NAV framework, that should be formalized explicitly through governance.
For the broader questions around buybacks, performance, and capital allocation, I’ve addressed those in the GIP-128 thread.