m3taversal
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- META-033: Sell up to 2M META at market or premium (Passed, $1.1M vol) - META-034: Omnibus Proposal - Migrate and Update (Passed, $1.1M vol) - META-035: Fund META Market Making (Passed, $14.6K vol, 17 trades) - Source: PR #1687 archive files (merged yesterday) + metadao.fi screenshots - Correct proposer attribution from proposal body text (not Ben's API "futard.io") - With batches 1+2+2b+this: all 36 MetaDAO governance proposals complete Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>
105 lines
4.8 KiB
Markdown
105 lines
4.8 KiB
Markdown
---
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type: decision
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entity_type: decision_market
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name: "MetaDAO: Sell up to 2M META at market price or premium?"
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domain: internet-finance
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status: passed
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parent_entity: "[[metadao]]"
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platform: metadao
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proposer: "Proph3t"
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proposal_url: "https://www.metadao.fi/projects/metadao/proposal/GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ"
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proposal_date: 2025-10-15
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resolution_date: 2025-10-18
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category: fundraise
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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."
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key_metrics:
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proposal_number: 33
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proposal_account: "GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ"
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autocrat_version: "0.5"
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max_meta_minted: "2,000,000 META"
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max_proceeds: "$10,000,000"
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price_floor: "$4.80 (~$100M market cap)"
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atm_daily_limit: "$400,000"
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volume: "$1,100,000"
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trades: 4400
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pass_price: "$6.25"
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fail_price: "$5.92"
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tags: [metadao, fundraise, otc, market-sale, passed]
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tracked_by: rio
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created: 2026-03-24
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---
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# MetaDAO: Sell up to 2M META at market price or premium?
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## Summary & Connections
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**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.
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**Outcome:** Passed (~Oct 2025).
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**Connections:**
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- 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.
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- "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.
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- 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.
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- "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.
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- This raise funded the Q4 2025 expansion that produced $2.51M in fee revenue — the capital was deployed effectively.
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---
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## Full Proposal Text
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**Author:** Proph3t
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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.
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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.
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### Execution
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The 2,000,000 META would be newly-minted.
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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.
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I would source OTC counterparties for sales.
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All sales would be publicly broadcast within 24 hours, including the counterparty, the size, and the price of the sale.
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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.
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The maximum amount of total proceeds would be $10,000,000.
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### Pricing
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The minimum price of these OTCs would be the higher of:
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- the market price, calculated as a 24-hour TWAP at the time of the agreement
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- a price of $4.80, equivalent to a ~$100M market capitalization
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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.
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### Lockups / vesting
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I would have ultimate discretion over any lockup and/or vesting terms.
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---
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## Market Data
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| Metric | Value |
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|--------|-------|
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| Volume | $1,100,000 |
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| Trades | 4,400 |
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| Pass Price | $6.25 |
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| Fail Price | $5.92 |
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## Raw Data
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- Proposal account: `GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ`
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- Proposal number: META-033 (onchain #3)
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- DAO account: `Bc3pKPnSbSX8W2hTXbsFsybh1GeRtu3Qqpfu9ZLxg6Km`
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- Proposer: `proPaC9tVZEsmgDtNhx15e7nSpoojtPD3H9h4GqSqB2`
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- Autocrat version: 0.5
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## Relationship to KB
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- [[metadao]] — parent entity, capital raise
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- [[metadao-vc-discount-rejection]] — the failed deal this replaces
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- [[metadao-otc-trade-theia-2]] — Theia was likely one of the OTC counterparties (they had accumulated position)
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