GnosisDAO has approved a proposal that could let GNO holders redeem tokens for a proportional share of the DAO’s liquid treasury assets. The vote, GIP-151, passed with 215% of the required quorum, according to the proposal tally.
The decision marks a sharp shift in what a governance token can represent. Until now, holders have mainly leaned on softer arguments for value – voting rights, possible fee switches, and the chance that treasury spending could support network growth. This vote adds a harder line item to the conversation: a treasury-backed redemption path.
Earlier reporting around the related GIP-150 proposal put GnosisDAO’s treasury at roughly $223 million, with an estimated redemption value near $170 per GNO. At the time, GNO traded around $132, leaving the token at about a 27% discount to that estimate. Newer DeFiLlama data puts the treasury near $228 million, but much of that is tied up in the DAO’s own token and other non-liquid positions.
By DeFiLlama’s breakdown, GnosisDAO holds about $68 million in major assets, $22 million in stablecoins, $117 million in own-token exposure and $21 million in other positions. After stripping out the circular native-token exposure, the liquid treasury comes out closer to $109 million. DeFi analyst Ignas estimated GNO at around $106 versus roughly $115 in treasury value per token around the time GIP-151 passed.
That gap matters because it creates a straightforward activist-style trade. Buy GNO at a discount to adjusted treasury value, gather enough voting weight, and back a redemption that narrows the spread. The comparison is hard to avoid: it resembles closed-end fund activism, where investors push for a portfolio to be valued closer to its net asset value.
The scale of the vote also shows the cost of control. At roughly $104 per GNO, meeting the 75,000-GNO quorum would require about $7.8 million before slippage or opposition. The reported 161,250-GNO voting weight behind GIP-151 implies roughly $16.8 million at that price.
Gnosis now sits at the center of a new kind of governance test. Delegate concentration, insider blocs, eligibility rules and any foundation or multisig veto rights will matter as much as the treasury math itself. Traders will be watching for any formal execution plan, updated treasury figures and whether the price keeps tracking the adjusted net asset value gap.
GnosisDAO lets GNO holders redeem tokens for share of $223M treasury, boosting value
GnosisDAO approved a vote allowing GNO token holders to exchange tokens for part of its $223 million treasury, affecting investors by giving their tokens clearer cash value. This matters because it shifts GNO from mainly voting power toward a defined financial backing.