Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Gnosis price rises 20% following $30 million token buyback proposal from Thanefield Capital

Gnosis price rises 20% following $30 million token buyback proposal from Thanefield Capital

The BlockThe Block2024/05/20 11:58
By:The Block

Quick Take Thanefield Capital, a crypto fund with an interest in the GNO token, proposed a buyback program for Gnosis DAO’s native token. The proposal aims to deploy $30 million for regular buybacks of the token over a six-month period. Gnosis co-founder Martin Köppelmann supported the proposal with the caveat that the buyback should be linked to a growth program.

Gnosis price rises 20% following $30 million token buyback proposal from Thanefield Capital image 0

Gnosis GNO +3.64% DAO is discussing a proposal for a large-scale buyback of its native token.

This proposal was put forward by Thanefield Capital — a crypto fund with a vested interest in the Gnosis (GNO) token. It is requesting that the DAO deploys $30 million from its treasury over a six-month period, claiming it will realign the market value of GNO with its intrinsic book value.

Thanefield Capital asserted that the current market capitalization of GNO, based on its circulating supply, is undervalued. It contrasted this with Gnosis DAO’s assets, which include $630 million in non-GNO liquid assets and $100 million in venture capital investments, totaling $730 million. In comparison, the circulating supply of Gnosis tokens is 1.53 million GNO, valued at about $424 million, it stated. While this is much lower than what's reported on sites like CoinGecko, the fund asserted that 1 million tokens are owned by Gnosis DAO and therefore counted them outside of the circulating supply.

The proposal appears to have gained preliminary support from community members, with 12 out of 14 voters on the governance forum favoring it so far. Gnosis co-founder Martin Köppelmann endorsed the proposal, stipulating that the token buyback should be tied to a "growth program."

"I am in favor of this proposal if it is connected to a growth program where the GNO acquired in the buy back are consequently used to attract more user," Köppelmann stated in response.

Proposed buybacks involve a two-fold strategy

If Thanefield's proposal is approved, the execution strategy for the proposed buyback program will consist of two approaches. The first is the TWAP strategy — involving an allocation of $15 million to purchase GNO tokens.

This method utilizes a time-weighted average price technique over a period of six months. According to the proposal, the six-month-long TWAP will result in an estimated $83,333 daily buy pressure for GNO. The second approach is discretionary and allocates $15 million but allows for optimization of purchases based on market conditions. The buyback will be managed by karpatkey, an on-chain asset management project.

Gnosis DAO oversees the Gnosis Chain , a sidechain running parallel to Ethereum, and the CoW Protocol, a decentralized exchange. Safe — the most widely used multisig provider on Ethereum — also spun off from Gnosis into its own DAO.

Since the proposal went live, the price of Gnosis rose by as much as 20%, peaking at $320, according to The Block's price page . The token is currently changing hands at around $308.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04