GNO Token Gains 20% As Gnosis DAO Proposes $30 mn Buyback
Thanefield Capital has announced a $30 million buyback program for Gnosis DAO, aiming to realign the token’s market value with its intrinsic book value.
The crypto fund holds significant amounts of GNO and plans to deploy $30 million from its treasury over six months to boost the token’s value.
Gnosis holds $630 million in non-GNO liquid assets and $100 million in venture capital investments. The proposal has received preliminary support from the Gnosis community, with 12 out of 14 governance forum voters in favor.
Gnosis co-founder Martin Köppelmann endorsed the proposal, emphasizing the need to link the buyback to a growth program.
If approved, the buyback program will follow a two-pronged strategy: the Time-Weighted Average Price (TWAP) strategy, which will allocate $15 million to purchase GNO tokens over six months, and the discretionary approach, which will allocate another $15 million to optimize purchases based on market conditions. Karpatkey, an on-chain asset management project, will manage the buyback.
(With inputs from Shikha Singh)
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