Summary
Total assets under management closed August at $26.11M, up from $24.44M at the end of July. Mark-to-market gains on existing positions accounted for $1.15M of the increase, driven by ETH appreciating 32.5% over the month, alongside inflows of $516K.
The actively managed portion stood at $20.78M and the Defence Reserve at $5.33M, the latter held entirely in sDAI on Gnosis Chain.
August activity fell into two phases. Through the first half, KPK deployed ETH inflows into liquid staking across Lido and ether.fi to keep capital productive. From mid-month, KPK unwound part of these positions, capitalised on the ETH price appreciation, and redeployed the proceeds into stablecoin lending.
Asset Allocation
Treasury Overview
- Total AUM of $26.11M as of the end of August 2026 (snapshot 1 September 2026, 00:00 UTC), comprising $20.78M actively managed under the Core Treasury Mandate and $5.33M held in the Defence Reserve.
- The Defence Reserve is held entirely in sDAI on Gnosis Chain and is tracked separately from the managed mandate.
- Yield generation: the treasury generated $77,342 in DeFi results in August 2026.
Protocol Distribution
Managed assets are distributed across 8 protocols, weighted towards stablecoin lending. Morpho and Aave together account for 71% of the managed portfolio, with the balance in sDAI savings on Gnosis Chain and ETH liquid staking across ether.fi, StakeWise and Lido. The remainder is protocol-owned liquidity across mainnet, Gnosis Chain, Arbitrum, Base and BSC.
The allocation below is representative of the actively managed portfolio, not including the sDAI Defence Reserve:
Allocation percentages are expressed as a share of the actively managed portion ($20.78M) at period-end (1 September 2026, 00:00 UTC). The Defence Reserve ($5.33M) is reported separately. Positions below $1,000 are excluded.
The dashboard with the detailed positions can be accessed here.
Important reminder: In this dashboard, in addition to the main treasury and the Defence Reserve wallet, we also track the COW TWAP Safe, the GNO Validators Safe and a residual Balancer safe, which are not part of the actively managed positions.