---
type: source
title: "Futardio: Engage in $700,000 OTC Trade with Theia?"
author: "futard.io"
url: "https://www.futard.io/proposal/BnfFejPpykmTtM5TyNEySgRCctRizmrZe9Bbe8V1UTon"
date: 2025-01-03
domain: internet-finance
format: data
status: processed
tags: [futardio, metadao, futarchy, solana, governance]
event_type: proposal
processed_by: rio
processed_date: 2025-01-03
claims_extracted: ["theia-demonstrates-concentrated-illiquid-token-strategy-with-two-to-four-year-hold-periods-acquired-through-structured-deals-at-illiquidity-premiums.md"]
enrichments_applied: ["MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale.md", "futarchy adoption faces friction from token price psychology proposal complexity and liquidity requirements.md", "publishing investment analysis openly before raising capital inverts hedge fund secrecy because transparency attracts domain-expert LPs who can independently verify the thesis.md", "time-based token vesting is hedgeable making standard lockups meaningless as alignment mechanisms because investors can short-sell to neutralize lockup exposure while appearing locked.md"]
extraction_model: "anthropic/claude-sonnet-4.5"
extraction_notes: "Extracted one new claim about Theia's concentrated illiquid token fund strategy, which represents a novel approach to crypto fund management. Applied four enrichments: MetaDAO platform validation, futarchy friction confirmation, public research model confirmation, and token lockup hedgeability extension. The proposal's failure despite strong terms provides valuable evidence about futarchy adoption challenges. Key insight: Theia demonstrates how liquid tokens can be acquired and held like private equity through structured deals with lockups and discounts, challenging the assumption that token liquidity requires liquid trading strategies."
---

## Proposal Details
- Project: MetaDAO
- Proposal: Engage in $700,000 OTC Trade with Theia?
- Status: Failed
- Created: 2025-01-03
- URL: https://www.futard.io/proposal/BnfFejPpykmTtM5TyNEySgRCctRizmrZe9Bbe8V1UTon
- Description: Theia wishes to acquire 609 META tokens at a USD price of $1,149.425 per token from the MetaDAO Treasury in exchange for $700,000 USDC.
- Categories: {'category': 'Dao'}, {'category': 'Treasury'}
- Discussion: https://discord.gg/eZkUCZXNgD

## Summary

### 🎯 Key Points  
Theia proposes to acquire 609 META tokens for $700,000 USDC at a price of $1,149.425 per token, aiming to support MetaDAO's growth through strategic partnership and resource allocation.

### 📊 Impact Analysis  
#### 👥 Stakeholder Impact  
The proposal is designed to benefit MetaDAO by providing essential capital and strategic support for governance and business development.

#### 📈 Upside Potential  
Theia's involvement could enhance MetaDAO's operational capabilities and market positioning, potentially leading to increased valuation and success.

#### 📉 Risk Factors  
The locked token structure and reliance on external market conditions may expose MetaDAO to liquidity risks and valuation fluctuations over time.

## Content

## **Overview**

* Theia wishes to acquire 609 META tokens (METADDFL6wWMWEoKTFJwcThTbUmtarRJZjRpzUvkxhr) at a USD price of \$1,149.425 per token from the MetaDAO Treasury (6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf) in exchange for \$700,000 USDC (EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v).  
* Theia will allocate resources to helping MetaDAO succeed and believes it can be helpful across multiple core areas, including governance, research, token structuring/liquidity, US policy, and business development. We have provided numerous portfolio company references to the MetaDAO team that can attest to our involvement and value add.  
* Theia’s \$700K investment could be spent to hire an additional senior engineer, seed liquidity on new markets, and expand business development operations to onboard more DAOs to MetaDAO.  
* MetaDAO will transfer the entire portion of META tokens through a 6-month lock Streamflow program.

## **Introduction to Theia**

Theia is an onchain liquid token fund manager that invests in companies building the Internet Financial System. Theia replicates traditional private investment strategies by taking large positions in small-cap tokens within under-explored market parts and working closely with management teams to add value. Theia typically buys liquid tokens through structured and proprietary deals and holds investments through a two to four-year investment thesis.

Our team operates on the premise that the Internet Financial System will take share from the existing global financial system by providing innovative and increasingly efficient financial primitives that expand the design space for financial products and accelerate financialization through the Internet. The global financial system represents the largest addressable market in the world and we believe permissionless blockchain technology will expand the TAM.

Theia is a differentiated partner due to the time and expertise we commit to our portfolio companies as well as our intense focus on core infrastructure and financial applications in EVM and SVM. Our fund strategy is designed to drive value for our portfolio companies; we cap our fund size, maintain a concentrated book of few investments, and seek to hold investments for many years. We work to ensure that each portfolio company has time and ample resources to realize our underwriting model forecast. This allows us to hold for the long term and ignore price fluctuations that are unrelated to business-specific catalysts.

## **Proposal**

We appreciate the time and effort both Proph3t and Kollan have spent with our team as we have conducted our diligence on MetaDAO. Better governance is a pressing need across the Internet Financial System and we are impressed by MetaDAO’s commitment to the vision of Futarchy. It isn’t often you find a team that combines missionary zeal with real talent as builders.

We are pleased to submit an offer to acquire META tokens on behalf of Theia and serve as a strategic partner to MetaDAO. While this letter outlines specific terms for a token agreement, we believe that a long-term partnership between Theia and MetaDAO is the most important component of our proposal.

On behalf of Theia Blockchain Partners Master Fund LP (“Theia”), we submit a bid to acquire 609 META tokens at a USD price of \$1,149.425 per token, an implied valuation of \$24M FDV. This equates to \$700,000 of locked tokens at a 12.7% discount to spot price as of 1/3/25 at a 6-month lock.

We believe this valuation is appropriate for a long-term partnership deal because —

* The valuation is on the upper end of seed-range (\$10M to \$25M) \- we believe MetaDAO deserves to be at the top of this range as it has a working product and users.  
* The valuation represents a large (\>60%) markup to the latest large venture round to reflect significant progress.  
* We expect MetaDAO to continue to issue tokens as it scales operations and are factoring in 10-20% dilution per year. Given this assumption, a \$24M FDV today represents a \$35M valuation on a 3-year go-forward basis.

Importantly, our \$700,000 investment would provide valuable capital to MetaDAO. Theia’s \$700K investment could be spent to hire an additional senior engineer, seed liquidity on new markets, and expand business development operations to onboard more DAOs to MetaDAO.

## **Theia Value Add**

MetaDAO is one of the most exciting ideas in the Internet Financial System and global governance as a whole, and we are eager to support the company through its next phase of growth. Our proposed terms would result in a \~$102K discount relative to a deal at liquid market price, or \~40bps of dilution relative to market price. We will work hard to increase the probability of success for MetaDAO by much more than that across the following five dimensions:

* **Portfolio Synergies & Strategy:** Given our position in the market, we work closely with teams to implement best practices we observe from across the market. We constantly meet with companies, funds, exchanges, and infrastructure providers. A core motivation for this coverage is to collect and share valuable insights with portfolio companies. For example, we worked closely with the BananaGun, Unibot, and Turtle Club teams to launch on Solana, introducing them to leading ecosystem players. We worked with Derive to design structured product vaults to attract retail users to a complex product. We worked with Kamino to introduce modular lending to their core monolithic lending business. These are a few examples among many.  
* **Token Structuring:** We actively work on token structuring across our entire portfolio. This work ranges from strategic consultation on incremental improvements to large-scale token redesigns. In the case of Derive (fka Lyra), we helped the team redesign their token to match their new business model and reward holders as fundamentals grow. We worked with Houdini Swap (LOCK) on a full-scale token rebrand and tokenomics redesign. We are beginning to work with Vertex on a similar token redesign and are actively working with the Turtle Club team to find the right model for their business. We also served as an advisor to Metaplex and Adrena on their token designs.  
* **Roadshows:** We meet regularly with most major US and European liquid funds. We openly share our best ideas but pay close attention to the stylistic preferences of different funds. When mutually beneficial, we facilitate introductions and also help them prepare. We have introduced our portfolio companies to liquid funds at different times. We provide detailed feedback on presentations, data rooms, and investor pitches. We often help organize roadshows, provide references, and workshop token pitches with founders.  
* **Market Framing:** We are an active research firm and believe that the correct market framing can help a company raise capital, hire talent, win partnerships, and focus resources on the most impactful outcomes. We only started publishing our research in the middle of this year and have developed an active following of like-minded investors. We write consistently about our portfolio companies and the key themes that affect them. We pitch portfolio companies with liquid funds at dinners and are increasingly asked to share our perspective on liquid markets. We are attaching a few examples of our research:  
  * [https://x.com/TheiaResearch/status/1859598616001675681](https://x.com/TheiaResearch/status/1859598616001675681)  
  * [https://x.com/TheiaResearch/status/1833553153976844453](https://x.com/TheiaResearch/status/1833553153976844453)  
  * [https://x.com/TheiaResearch/status/1814277792705479128](https://x.com/TheiaResearch/status/1814277792705479128)  
* **Policy:** We expect US policy to remain an important input for companies, especially as they seek to expand beyond what exists onchain today. We have built strong relationships with political consultants, congressional staffers, regulatory agencies, and law firms to ensure we are prepared for upcoming policy changes in the US and abroad. We seek to be a resource to portfolio companies and effectively direct them to the right resources for complex questions.

## Raw Data

- Proposal account: `BnfFejPpykmTtM5TyNEySgRCctRizmrZe9Bbe8V1UTon`
- Proposal number: 9
- DAO account: `CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9`
- Proposer: `proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2`
- Autocrat version: 0.3
- Completed: 2025-01-06
- Ended: 2025-01-06


## Key Facts
- Theia proposed acquiring 609 META tokens at $1,149.425 per token ($700,000 total) with 6-month lock
- Proposal valued MetaDAO at $24M FDV (upper end of $10M-$25M seed range)
- 12.7% discount to spot price as of 1/3/25
- Proposal failed, completed 2025-01-06
- Theia describes itself as onchain liquid token fund manager focused on Internet Financial System
- Theia caps fund size, maintains concentrated portfolio, holds 2-4 year investment horizons
