Summary
May was shaped by governance-driven treasury movements and continued focus on capital preservation. The most material change to the actively managed treasury was the execution of the CoW Team grant replenishment, with 25M COW transferred from the Mainnet Treasury Safe in line with CIP-83. Governance-related work (funds provisioning, bridging and swapping) continued around the CoW Legal Defence Fund following CIP-86, which approved an exceptional discretionary grants program linked to the cow.fi domain hijacking incident.
On the strategy side, KPK maintained a liquid, risk-controlled portfolio. USDC was redeployed to the KPK USDC vault, and the KPK ETH vault exposure was fully exited and moved to Lido for improved performance. The Treasury ended the month with USDC as its largest idle balance, alongside EUR-denominated vault exposure, sDAI on Gnosis Chain, ETH-correlated staking exposure, and controlled native-token liquidity positions across Ethereum, Gnosis Chain, Arbitrum, Base, and BSC.
Asset Allocation
Treasury Overview
Total assets under management (AUM) amount to: $27.35M, of which $22.07M are Actively Managed (Core Treasury Mandate). The remaining $5.28M constitutes the Defence Reserve, which is tracked separately (the execution of CIP-86 didn’t happen on May).
The managed treasury is currently built around liquidity, resilience, and selective yield exposure, with the largest allocations held in USD-denominated assets and diversified stablecoin strategies. EUR-denominated exposure, ETH-linked staking positions, and controlled native-token liquidity remain part of the portfolio, but the emphasis for the period stayed on preserving optionality and limiting unnecessary risk.
Category Allocation (Managed Portion)
- USD Stablecoins: $15.61M (70.70%)
- EUR Stablecoins: $3.21M (14.55%)
- Native Token: $1.02M (4.63%)
- ETH-Correlated Assets: $2.23M (10.12%)
Protocol Distribution
Across the actively managed portion of the Treasury, month-end allocation remained concentrated in idle balances and Morpho vault exposure, followed by sDAI on Gnosis Chain and Lido staking exposure.
- Idle Funds: 36.12%
- Morpho: 35.04%
- sDAI on Gnosis Chain: 14.87%
- Lido: 10.11%
- Uniswap: 2.86%
- PancakeSwap: 0.81%
- Stakewise: 0.19%
The dashboard with the detailed positions can be accessed here.
Important reminder: In this dashboard, in addition to the main treasury and the defence fund wallet, we also track the COW Twap Safe and the GNO Validators safe, which are not part of the actively managed positions.