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GnosisDAO Treasury

Last updated: April 2026

Overview​

The GnosisDAO treasury comprises a diversified portfolio of GNO, ETH, stablecoins, and DeFi positions across multiple Safe multisig wallets. The treasury is tracked across 23 wallets (22 DAO Safes plus one Gnosis Ltd address) and its composition and NAV per GNO can be monitored in real time.

  • Valuation: $175M+ (November 2025, per DeFiLlama)

Dashboards​

For real-time, transparent insight into GnosisDAO's treasury current assets, NAV, and management practices refer to the live dashboard provided by the current treasury manager, NOCA:

  • NOCA Treasury Dashboard — live treasury reporting

Additional external tracking is available via DeFiLlama.

Background​

Treasury management was originally delegated to Karpatkey (kpk) from 2021 via GIP-20. As of February 2026, Noca manages the GnosisDAO treasury following GIP-148. Treasury managers actively oversee positions across DeFi protocols to generate yield while maintaining liquidity and managing risk.

GNO has a hard-capped total supply of 3,000,000. GnosisDAO is committed to a deflationary tokenomics model, with a significant portion of the original supply earmarked for burning. GIP-116, approved in January 2025, included the burning of 3.15M GNO tokens from the vesting contract, bringing the total burned close to 4M GNO and past the halfway mark toward the commitment established in GIP-35.

Treasury allocations are decided through GIPs and are expected to compound value back into the ecosystem by funding infrastructure, spinout projects, and strategic acquisitions.

Treasury decisions are made by GnosisDAO through the GIP process.

Treasury Management History​

Karpatkey (kpk) — 2021 to November 2025​

Karpatkey managed the GnosisDAO treasury from 2021 under the mandate established in GIP-20. The engagement was terminated via GIP-143 in November 2025 with 88% approval. Reasons cited by the DAO included performance issues, cost concerns, risk exposure, and misalignment with DAO objectives, alongside a reported loss of approximately $700K related to liquidity issues.

Noctua (Noca) — February 2026 onwards​

Noca was selected in February 2026 via Ranked Choice Voting runoff (54.57% of the final vote), following an open RFP process that received 22 proposals. The mandate is governed by GIP-148.

  • Annual budget cap: $1.5M
  • Mandate: Gnosis Chain multi-currency liquidity, endowment management, governance participation, reporting
  • Non-custodial preference
  • Performance fees waived for Q1 2026
  • Q1 priorities: consolidating SAFEs, simplifying legacy positions, deploying idle capital, building real-time public treasury dashboard

Notable Treasury Operations​

GIP-116 — Supply Reduction (January 2025)​

  • Burned 3.15M GNO from the vesting contract (toward the 3M GNO supply target set in GIP-35)
  • Claimed Gelato (GEL) and COW token rewards
  • Withdrew WETH from Aave
  • Consolidated FRAX, COW, WBTC, and stETH into the treasury

HQ.xyz Investment (May 2025)​

  • Approved: up to $8.95M via GIP-120 (revised)
  • Purpose: accelerate on-chain business banking
  • Strategic focus: expansion into Asia
  • Now known as Gnosis Business

GIP-128 — Gnosis Ltd Funding (July 2025)​

  • Approved $30M annual funding for Gnosis Ltd operations
  • Delivery of the product ecosystem: App, Pay, Business, VPN and Circles
  • Ongoing quarterly updates and delivery upon GIP from Gnosis Ltd operating team

Spending Categories​

  • Protocol Development — core infrastructure
  • Ecosystem Grants — supporting projects building on Gnosis
  • Marketing & Growth — adoption initiatives
  • Operations — team, infrastructure, compliance

Resources​