Gnosis DAO is currently in talks with crypto fund Thanefield Capital over a proposal that was recently floated by the latter. Thanefield has declared interest in the DAO’s native GNO token and has proposed a large-scale buyback of the same.
According to the proposal, Thanefield Capital wants the DAO to deploy $30 million from its treasury over a six-month period, promising to ensure that the market value of GNO aligns with its intended value on paper.
There's no Call To Action with the ID #3.To further drive home its point, Thanefield Capital noted that the current market capitalization of GNO is undervalued. That is considering the circulating supply of Gnosis tokens, which is 1.59 million GNO and valued at about $496 million. According to the fund, it deliberately left out 1 million tokens as those are owned by Gnosis DAO and therefore not included in its calculations.
Besides, Gnosis DAO’s assets are also significantly higher. They include $630 million in non-GNO liquid assets and $100 million in venture capital investments, totalling $730 million.
Proposal Sees Governance Support
Meanwhile, the proposal appears to have received a reasonable amount of support from community members, even in the initial stage. At least 12 out of 14 voters on the governance forum have backed it so far.
Gnosis co-founder Martin Köppelmann has also declared support for the proposal. His part statement reads:
There's no Call To Action with the ID #3.“I am in favour 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.”
GNO Price Surges
Following the reports that Thanefield Capital might be interested in the GNO token, the coin immediately responded, albeit positively. GNO price surged by over 20% before retracing its steps. As of publication, it was seen trading at $312.55, up 5.48% in the past 24 hours. That is, according to CoinMarketCap data.
GNO’s daily trading volume also caught the eye. It saw a 79.58% surge in the last 24 hours, signalling increased user activity around the token.
