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Activist investors want to crack open Gnosis DAO’s treasury. They’ve tabled a proposal that would let GNO holders who vote yes walk away with a slice of $220 million in DAO assets.
The plan goes by GIP-150. An investor named Wismerhill put it forward, arguing that GNO trades way below what the treasury’s actually worth. The discount got worse even after Gnosis Ltd pulled in $22.5 million in fresh funding recently, and Wismerhill thinks holders aren’t getting much from sitting tight. Voting runs through May 12. Early momentum looked good for the activists, but things flipped. Right now 65% of the 330,000 votes cast say no.
The math works out to roughly $170 per token. That’s based on 1.3 million GNO tokens that qualify for the redemption. Tokens held by Gnosis Ltd don’t count—Wismerhill says the company already got its money from the DAO and shouldn’t double-dip.
Community Pushback Heats Up
Not everyone’s buying it. DeFi commentator Ignas, who holds GNO, said the logic makes sense on paper but called it a pure arbitrage play. “It’s not a moral initiative,” Ignas said, and voted against it. Ivangbi, who coordinates DeFi work for the Ethereum Foundation, pushed back on the idea that holders have some kind of moral claim to the treasury. If GNO didn’t come with a guaranteed price floor when people bought it, why should they get one now?
Sebastian Bürgel from Gnosis questioned why the conversation shifted from building stuff to just grabbing cash. Nick Almond, who works with Jito, went harder—he dismissed the whole thing as a naked attempt to extract value that holders don’t deserve. Anthony Leutenegger from Aragon took a different angle. He thinks DAOs need to get better at defining token holder rights so incentives line up properly in the first place.
The debate’s gotten pretty heated. Some see this as investors gaming the system. Others think it’s a wake-up call for DAOs that hoard cash without delivering returns.
The RFV Raiders Strike Again
This group’s done it before. They call themselves the RFV Raiders—short for “risk-free value.” Back in 2023 they went after Rook, FEI/Tribe, and Aragon. Aragon folded and turned its treasury into a grants program. More recently Beefy Finance saw them coming and set up a buyback system after its token dropped below net asset value.
Wismerhill used to admire Gnosis. But he thinks the departure of former treasury manager KPK might push the DAO toward more business-focused decisions. The vote will show whether holders want cash now or prefer to keep funding long-term projects like Safe, CoW Swap, and Gnosis Chain.
The Raiders have a track record. When they target a DAO, things move. FEI and Tribe wound down operations. Rook restructured. Aragon basically pivoted its whole model. Beefy saw the writing on the wall and acted before a vote even happened.
DAOs with big treasuries are watching. The Raiders proved they can win, and that’s made them a force in DeFi. Their Aragon win especially got attention—restructuring a major DAO’s treasury set a precedent that other activists noticed.
Gnosis built a reputation in DeFi. The DAO backs multiple projects and the treasury funds ongoing development. But now it’s caught between two choices: pay out holders who want immediate value or keep the money working on ecosystem growth.
The vote’s close to done. Current numbers show the proposal failing, but things can shift fast in DAO governance. Whales move late sometimes. A few big wallets could flip the outcome if they decide $170 per token beats waiting for Gnosis to deliver long-term gains.
If the Raiders win here, expect more of this. DAOs sitting on eight or nine-figure treasuries will face pressure to either return capital or show clear ROI on their spending. Governance frameworks might need to get tougher. Community engagement will matter more—DAOs can’t just assume holders will vote to keep building if the token’s underwater.
Some projects might preempt future raids by setting up automatic buybacks or dividend mechanisms. Others could tighten rules around who gets to propose treasury changes. The balance between decentralization and protecting long-term strategy gets tricky when activists show up with spreadsheets and voting power.
Gnosis holders have until May 12 to decide. The outcome won’t just affect GNO—it’ll signal how DAOs handle external pressure going forward. Other treasuries are watching to see if Gnosis caves or holds the line. The Raiders have momentum from past wins, but 65% opposition is a steep hill to climb with time running out.
The proposal landed at a weird moment. Gnosis just funded its Ltd entity, which probably seemed like progress to some holders. To others it looked like throwing good money after bad while the token stayed cheap. Wismerhill’s betting that frustration outweighs patience. The vote count suggests he might’ve miscalculated, but DAO votes have surprised people before.
Frequently Asked Questions
What’s the redemption value per GNO token if the proposal passes?
The proposal offers approximately $170 per token, calculated based on 1.3 million eligible GNO tokens and the DAO’s $220 million treasury.
When does voting on GIP-150 end?
Voting closes on May 12, 2026. As of now, 65% of the 330,000 votes cast oppose the redemption proposal.
