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| type | entity_type | name | domain | status | parent_entity | platform | proposer | proposal_url | proposal_date | resolution_date | category | summary | key_metrics | tags | tracked_by | created | related | reweave_edges | |||||||||||||||||||||||||||||||
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| decision | decision_market | MetaDAO: Sell up to 2M META at market price or premium? | internet-finance | passed | metadao | metadao | Proph3t | https://www.metadao.fi/projects/metadao/proposal/GfJhLniJENRzYTrYA9x75JaMc3DcEvoLKijtynx3yRSQ | 2025-10-15 | 2025-10-18 | fundraise | 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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rio | 2026-03-24 |
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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)