---
type: decision
entity_type: decision_market
name: "MetaDAO: Sell up to 2M META at market price or premium?"
domain: internet-finance
status: passed
parent_entity: "[[metadao]]"
platform: metadao
proposer: "Proph3t"
proposal_url: "https://www.metadao.fi/projects/metadao/proposal/GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ"
proposal_date: 2025-10-15
resolution_date: 2025-10-18
category: fundraise
summary: "META-033 — Sell up to 2M newly minted META at market or premium. Proph3t executes with 30 days, unsold burned. Floor: max(24hr TWAP, $4.80). Max proceeds $10M. Up to $400K/day ATM sales. Response to failed DBA/Variant $6M OTC."
key_metrics:
  proposal_number: 33
  proposal_account: "GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ"
  autocrat_version: "0.5"
  max_meta_minted: "2,000,000 META"
  max_proceeds: "$10,000,000"
  price_floor: "$4.80 (~$100M market cap)"
  atm_daily_limit: "$400,000"
  volume: "$1,100,000"
  trades: 4400
  pass_price: "$6.25"
  fail_price: "$5.92"
tags: [metadao, fundraise, otc, market-sale, passed]
tracked_by: rio
created: 2026-03-24
---

# MetaDAO: Sell up to 2M META at market price or premium?

## Summary & Connections

**META-033 — the fundraise that worked after the DBA/Variant deal failed.** Sell up to 2M newly minted META at market price or premium. Proph3t executes OTC sales with 30-day window. All USDC → treasury. Unsold META burned. Floor price: max(24hr TWAP, $4.80 = ~$100M mcap). Up to $400K/day in ATM (open market) sales, capped at $2M total ATM. Max total proceeds: $10M. All sales publicly broadcast within 24 hours. $1.1M volume, 4.4K trades. Passed.

**Outcome:** Passed (~Oct 2025).

**Connections:**
- Direct response to [[metadao-vc-discount-rejection]] (META-032): "A previous proposal by DBA and Variant to OTC $6,000,000 of META failed, with the main feedback being that offering OTCs at a large discount is -EV for MetaDAO." The market rejected the discount deal and approved the at-market deal — consistent pattern.
- "I would have ultimate discretion over any lockup and/or vesting terms" — Proph3t retained flexibility, unlike the rigid structures of earlier OTC deals. The market trusted the founder to negotiate case-by-case.
- The $4.80 floor ($100M mcap) is a hard line: even if market crashes, no dilution below $100M. This protects existing holders against downside while allowing upside capture.
- "All sales would be publicly broadcast within 24 hours" — transparency commitment. Every counterparty, size, and price disclosed. This is the open research model applied to capital formation.
- This raise funded the Q4 2025 expansion that produced $2.51M in fee revenue — the capital was deployed effectively.

---

## Full Proposal Text

**Author:** Proph3t

A previous proposal by DBA and Variant to OTC $6,000,000 of META failed, with the main feedback being that offering OTCs at a large discount is -EV for MetaDAO.

We still need to raise money, and we've seen some demand from funds since this proposal, so I'm proposing that I (Proph3t) sell up to 2,000,000 META on behalf of MetaDAO at the market price or at a premium.

### Execution

The 2,000,000 META would be newly-minted.

I would have 30 days to sell this META. All USDC from sales would be deposited back into MetaDAO's treasury. Any unsold META would be burned.

I would source OTC counterparties for sales.

All sales would be publicly broadcast within 24 hours, including the counterparty, the size, and the price of the sale.

I would also have the option to sell up to $400,000 per day of META in ATM sales (into the open market, either with market or limit orders), up to a total of $2,000,000.

The maximum amount of total proceeds would be $10,000,000.

### Pricing

The minimum price of these OTCs would be the higher of:
- the market price, calculated as a 24-hour TWAP at the time of the agreement
- a price of $4.80, equivalent to a ~$100M market capitalization

That is, even if the market price dips below $100M, no OTC sales could occur below $100M. We may also execute at a price above these terms if there is sufficient demand.

### Lockups / vesting

I would have ultimate discretion over any lockup and/or vesting terms.

---

## Market Data

| Metric | Value |
|--------|-------|
| Volume | $1,100,000 |
| Trades | 4,400 |
| Pass Price | $6.25 |
| Fail Price | $5.92 |

## Raw Data

- Proposal account: `GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ`
- Proposal number: META-033 (onchain #3)
- DAO account: `Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km`
- Proposer: `proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2`
- Autocrat version: 0.5

## Relationship to KB
- [[metadao]] — parent entity, capital raise
- [[metadao-vc-discount-rejection]] — the failed deal this replaces
- [[metadao-otc-trade-theia-2]] — Theia was likely one of the OTC counterparties (they had accumulated position)
