Summary
Total assets under management closed at $26.94M in September, up from $26.11M at the end of August. Mark-to-market gains on existing positions accounted for $451K of the increase, driven by ETH appreciating 8.7% and COW 35.7%, alongside $79,859 in DeFi results and net inflows of $302K across the managed portfolio and Defence Reserve.
The actively managed portion stood at $21.58M and the Defence Reserve at $5.36M.
September was centred on deploying protocol fee inflows across both sides of the treasury, with ETH received during the month split between stablecoin conversion and continued ETH accumulation.
At the start of the month, KPK converted 240 WETH received from protocol fees into GHO, partially capitalising on ETH price appreciation, and deposited the proceeds into the Savings GHO (sGHO) module. Part of the sGHO position was later redeemed to fund a $1.00m allocation to Compound’s new institutional USDC market, broadening the Treasury’s stablecoin exposure across lending venues.
The remaining ETH inflows were retained to increase the Treasury’s ETH-correlated allocation. These, together with fees collected from the mainnet COW/WETH liquidity position, were staked through ether.fi, keeping the allocation productive.
Asset Allocation
Treasury Overview
- Total AUM of $26.94M as of the end of September 2026 (snapshot 1 October 2026, 00:00 UTC), comprising $21.58M actively managed under the Core Treasury Mandate and $5.36M 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 $79,859 in DeFi results in September 2026.
Protocol Distribution
Managed assets are distributed across 9 protocols, weighted towards stablecoin lending. Morpho and Aave together account for 66% of the main treasury wallet, with the balance in ETH liquid staking across ether.fi, StakeWise and Lido, sDAI savings on Gnosis Chain and USDC lending on Compound. 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 ($21.58M) at period-end (1 October 2026, 00:00 UTC). The Defence Reserve ($5.36M) 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 and the GNO Validators Safe, which are not part of the actively managed positions.