Document 03
Treasury
Everything the treasury holds, at the figure it is carried at. There are no charts on this page. A holding is a quantity and a valuation, and both are printed.
Holdings
| Asset | Quantity | Value (USDC) | Share of NAV |
|---|---|---|---|
| USDCUSD Coin | 8,420,000 | 8,420,000 | 56.23% |
| BUY/USDCAerodrome Slipstream liquidity positionValued at the position’s share of pool reserves, with the $BUY side marked at backing rather than at market. Marking it at market would let the treasury’s own token inflate the treasury. | 1 | 3,182,400 | 21.25% |
| WETHWrapped Ether | 412.6 | 1,689,773 | 11.28% |
| cbBTCCoinbase Wrapped BTC | 9.42 | 1,043,532 | 6.97% |
| USDeEthena USDeHolds a dollar peg by a funding-rate strategy, not by redemption against a bank deposit. It is a dollar-denominated asset, not a dollar, and it is excluded from risk-free value for that reason. | 640,000 | 639,590 | 4.27% |
| Net asset value | — | 14,975,295 | 100.00% |
Illustrative — the contracts are not deployed. Every figure on this page is a worked example, fixed at , and none of it is a live reading. Nothing here is an offer, a forecast, or a record of past performance.
Risk-free value
Risk-free value is 8,420,000 USDC, or 56.23% of net asset value. It counts the reserve stablecoin and nothing else.
The exclusions are deliberate and each one is arguable. Wrapped ether and wrapped bitcoin are excluded because their value moves. The liquidity position is excluded because half of it is the protocol’s own share. USDe is excluded because it holds a dollar value through a funding-rate strategy rather than through redemption against a bank deposit, which makes it a dollar-denominated asset rather than a dollar. Counting any of these would produce a larger number and a less useful one.
Risk-free value is the figure to read when asking what the treasury could pay out in a week in which nothing else could be sold at a price anyone likes. It is not the figure the standing bid is set from; that is backing per share, which is calculated on the whole of net asset value.
Protocol-owned liquidity
The protocol owns 3,182,400 USDC of trading depth outright, which is 21.25% of net asset value. It was acquired through liquidity subscriptions rather than rented from third parties, and it cannot be withdrawn by anyone, including us.
Owned depth is more durable than incentivised depth: it does not leave when the incentive stops. It is not, however, a substitute for depth. The pool is the size it is, and a seller large enough to move it will move it whoever owns it. What ownership changes is that the depth is still there tomorrow.
The $BUY side of the position is marked at backing rather than at market price, for the reason given in section 7 of the prospectus. This carries the position at a lower figure than a market mark would.