Gnosis DAO Faces Massive Treasury Redemption Proposal, "Treasury Raiders" Return

marsbitОпубліковано о 2026-05-08Востаннє оновлено о 2026-05-08

Анотація

A group of activist investors, often labeled as "treasury raiders," have submitted proposal GIP-150 to Gnosis DAO, calling for a one-time, voluntary, and proportional treasury redemption. The proposal would allow participating GNO holders to claim a share of the over $220 million in DAO reserves. Proponents argue this addresses the persistent and widening discount of GNO's market price relative to the treasury's net asset value. Despite recent DAO funding to Gnosis Ltd., the discount has increased. The current vote, closing May 12th, shows 65% opposition among early votes. The redemption would value each eligible token around $170, a ~30% premium to the current $131 market price. GNO held by Gnosis Ltd. is excluded. DeFi community reactions are mixed. Some commentators acknowledge the "risk-free value" (RFV) arbitrage logic but criticize the proposal as a short-term cash grab lacking legitimacy, as Gnosis never promised treasury backing for the token price. Others oppose it due to Gnosis's contributions to ecosystem infrastructure (Safe, CoW Swap, etc.). Founder Sebastian Bürgel lamented the targeting of respected builders. Aragon's team, previously targeted in similar RFV campaigns, called for better mechanisms to align incentives. This follows a pattern of 2023 RFV-style actions against projects like Rook and Aragon. Recently, Beefy Finance implemented a buyback to preempt such pressure. The proposal's author, Wismerhill, expressed past admiration for Gnosis but now sees...

A group of activist investors (or "treasury raiders") is targeting GNO token holders with a proposal for a treasury redemption plan.

GIP-150 proposes a one-time, voluntary, pro-rata treasury redemption. If passed, participating holders would share proportionally in a portion of Gnosis DAO's treasury reserves, which exceed $220 million.

The proposal comes less than six months after Gnosis DAO voted to remove its former treasury manager, KPK. The proposer, Wismerhill, stated that the market price of GNO has long been trading at a discount to Gnosis DAO's net asset value, and this discount has been widening.

He added that despite the DAO recently allocating $22.5 million to Gnosis Ltd, the discount of the token relative to net assets has only increased further, with GNO capturing minimal value accretion.

Voting on the proposal is now open and will close on May 12. Although support initially led by a significant margin, of the roughly 330,000 votes cast so far, 65% are currently against.

The redemption amount would be calculated pro-rata based on 1.3 million eligible GNO tokens, excluding tokens held by Gnosis Ltd. The proposal justifies this by stating that this entity already receives long-term financial support from the DAO.

Based on this calculation, the redemption value per token would be approximately $170, nearly 30% higher than GNO's current market price of $131.

Reactions from the DeFi Community

DeFi commentator and GNO holder Ignas admitted, "There's some logic to this RFV narrative," but also pointed out that "this is purely an arbitrage play, hardly an ethical one." He has voted against the proposal. (Note: RFV stands for risk-free value.)

Ethereum Foundation DeFi Lead ivangbi holds a similar view. Since Gnosis never marketed its treasury assets as a backstop for the token price, holders have no ethical right to claim a share of the treasury.

Many others, considering Gnosis's contributions to the ecosystem, also disagree with the proposal. Gnosis is the entity behind key infrastructure projects like Safe, CoW Swap, Gnosis Pay, and Gnosis Chain.

Gnosis founder Sebastian Bürgel asked pointedly, when did the ecosystem's most respected builders become targets for hedge fund harvesting? Jito ecosystem lead Nick Almond directly characterized the proposal as a blatant treasury dump-and-run.

Anthony Leutenegger, representing the Aragon team which faced a similar attack in 2023, offered a more nuanced perspective. He called for the industry to improve mechanisms for programmatic token holder rights to better align incentives and resolve such disputes.

Previous RFV Attack Cases

This group launched several similar treasury arbitrage campaigns in 2023, earning them the label "RFV raiders" in the industry, a term the group itself rejects.

Projects targeted that year included Rook, FEI/Tribe, and Aragon. Aragon was ultimately forced to restructure its treasury usage, converting it into an ecosystem grant funding program.

Just recently, when Beefy Finance's token BIFI fell below its treasury net asset value in April, the DAO quickly launched a buyback mechanism precisely to avoid a surprise arbitrage attack by RFV forces.

Regarding the current Gnosis situation, the proposer Wismerhill previously stated that he has always admired Gnosis DAO and predicted that after removing KPK, Gnosis would make more commercially-driven decisions.

This ongoing vote will ultimately test whether GNO holders value short-term commercial arbitrage gains or long-term ecosystem building value more.

Пов'язані питання

QWhat is the primary objective of the GIP-150 proposal for Gnosis DAO, and how does it work?

AThe GIP-150 proposal aims to launch a one-time, voluntary, pro-rata treasury redemption scheme. If passed, participating GNO token holders would receive a proportional share of a portion of the over $220 million in Gnosis DAO's treasury reserves, based on 1.3 million eligible GNO tokens at a calculated value of about $170 per token.

QWhy are the proposal's supporters, like Wismerhill, advocating for this treasury redemption?

ASupporters argue that the GNO token price is trading at a persistent and widening discount to the net asset value (NAV) of the Gnosis DAO treasury. They believe the token captures minimal value from the DAO's assets, and recent funding to Gnosis Ltd has exacerbated this discount, justifying a direct distribution of treasury funds to token holders.

QWhat is the 'RFV' label mentioned in the article, and which other projects have faced similar proposals?

A'RFV' stands for 'risk-free value,' a term used to describe proposals where groups target DAOs to extract treasury value for token holders when tokens trade below NAV. In 2023, similar initiatives targeted projects like Rook, FEI/Tribe, and Aragon. Recently, Beefy Finance implemented a buyback mechanism to preempt such an attack.

QWhat are some of the key counterarguments from the DeFi community against the GIP-150 proposal?

AOpponents argue it is a purely speculative arbitrage trade with no moral justification, as Gnosis never promised to back its token price with treasury assets. Others oppose it due to Gnosis's contributions to the ecosystem (Safe, CoW Swap, etc.), viewing the proposal as a 'treasury dump and run' that harms long-term builders for short-term gain.

QHow does Anthony Leutenegger from Aragon suggest the industry address conflicts like the one at Gnosis DAO?

AAnthony Leutenegger advocates for improving programmatic token holder rights mechanisms. He believes better-designed systems can better align incentives and resolve such disputes, referencing Aragon's own experience where it adapted its treasury into a grants program after a similar challenge.

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