The treasury
Years of runway.
Every position public.
Held in ETH, stablecoins and API3, with working capital deployed in lending vaults. Nothing is minted to fund anything. Revenue buys API3 on the market every month, and every wallet below can be checked on chain.
Token
200,000,000 API3. Not one more.
The final mint brought the supply to exactly 200,000,000. The token contract has no minters and its owner is the dead address, which nobody holds a key to, so no API3 can ever be created again. Every API3 is one vote on Snapshot.
- Total supply
- 200,000,000 API3
- Minters
- None
Holdings
- Treasury value $19.7M On Nov 4, 2026, counting the API3 it holds. The 30-day average the charter's spending limits use is $18.6M.
- API3 bought back since September 2026 355.5K
Held
- API3 20.2M API3 ($4.8M)
- wstETH 2,621 wstETH ($7.5M)
- ETH 73 ETH ($167.6K)
- Stablecoins $960,337
Deployed
- Stablecoins in lending vaults $1.7M
- ETH in lending vaults 729 ETH ($1.7M)
- Lent in Morpho markets $250,568
- wstETH as Morpho collateral 300 wstETH ($858.4K)
- Borrowed against it -$250,068
- Uniswap LP (API3/ETH) 1.8M API3 + 185 ETH ($845K)
- On loan to market makers 5.1M API3 ($1.2M)
History
How the treasury has moved
Value and composition since December 2025, revenue against expenses by month, and the API3 bought back with that revenue.
All of it is read on chain and priced with CoinGecko: holdings and value every day, buybacks from their fills, and revenue and expenses once each month is over. Revenue is what the treasury earns on its holdings and what it is paid, expenses are what it pays out and the interest on what it borrows.
Treasury value
Weekly, at the day's prices
Show detailsHide details
| Week | Value |
|---|---|
| Dec 1, 2025 | $19.9M |
| Dec 8, 2025 | $20.6M |
| Dec 15, 2025 | $20.5M |
| Dec 22, 2025 | $19.3M |
| Dec 29, 2025 | $20.4M |
| Jan 5, 2026 | $20.7M |
| Jan 12, 2026 | $20.6M |
| Jan 19, 2026 | $20M |
| Jan 26, 2026 | $20M |
| Feb 2, 2026 | $18.7M |
| Feb 9, 2026 | $18.6M |
| Feb 16, 2026 | $17.9M |
| Feb 23, 2026 | $17.5M |
| Mar 2, 2026 | $18.2M |
| Mar 9, 2026 | $17.7M |
| Mar 16, 2026 | $17.7M |
| Mar 23, 2026 | $17.7M |
| Mar 30, 2026 | $17.5M |
| Apr 6, 2026 | $17.5M |
| Apr 13, 2026 | $17.6M |
| Apr 20, 2026 | $18.6M |
| Apr 27, 2026 | $18.7M |
| May 4, 2026 | $19.3M |
| May 11, 2026 | $19.7M |
| May 18, 2026 | $18.6M |
| May 25, 2026 | $18.8M |
| Jun 1, 2026 | $18.4M |
| Jun 8, 2026 | $17.4M |
| Jun 15, 2026 | $17.7M |
| Jun 22, 2026 | $17.6M |
| Jun 29, 2026 | $16.6M |
| Jul 6, 2026 | $17.1M |
| Jul 13, 2026 | $16.8M |
| Jul 20, 2026 | $16.8M |
| Jul 27, 2026 | $17.1M |
| Aug 3, 2026 | $16.3M |
| Aug 10, 2026 | $16.5M |
| Aug 17, 2026 | $16.4M |
| Aug 24, 2026 | $18.3M |
| Aug 31, 2026 | $18.1M |
| Sep 9, 2026 | $18.5M |
| Sep 16, 2026 | $17.9M |
| Sep 23, 2026 | $20.2M |
| Oct 1, 2026 | $20M |
| Oct 8, 2026 | $19.7M |
| Oct 15, 2026 | $18.4M |
| Oct 22, 2026 | $18.7M |
| Oct 29, 2026 | $17.8M |
| Nov 4, 2026 | $19.7M |
Treasury composition
Month end, in USD
- Dec 25
- Jan 26
- Feb 26
- Mar 26
- Apr 26
- May 26
- Jun 26
- Jul 26
- Aug 26
- Sep 26
- Oct 26
- Nov 26
- API3
- ETH and wstETH
- Stablecoins
- Uniswap LP
Show detailsHide details
| Month | API3 | ETH and wstETH | Stablecoins | Uniswap LP |
|---|---|---|---|---|
| December 2025 | $6.3M | $127.2K | $13.4M | $289.6K |
| January 2026 | $5.1M | $162.9K | $13.5M | $241.5K |
| February 2026 | $3.7M | $122.6K | $13.4M | $186.5K |
| March 2026 | $3.9M | $130.5K | $13.3M | $189.3K |
| April 2026 | $5.8M | $180.1K | $13.1M | $232.3K |
| May 2026 | $5.1M | $176.1K | $13M | $200.8K |
| June 2026 | $3.6M | $634K | $12.3M | $148.2K |
| July 2026 | $3.2M | $3.3M | $9.7M | $151.6K |
| August 2026 | $3.6M | $6.6M | $7.6M | $375.4K |
| September 2026 | $4.8M | $9.5M | $5.3M | $450.8K |
| October 2026 | $3.7M | $9.5M | $3.1M | $833.1K |
| November 2026 | $6M | $10.2M | $2.6M | $845K |
Revenue and expenses
Complete months, in USD
- Dec 25
- Jan 26
- Feb 26
- Mar 26
- Apr 26
- May 26
- Jun 26
- Jul 26
- Aug 26
- Sep 26
- Oct 26
- Revenue
- Expenses
Show detailsHide details
| Month | Revenue | Expenses |
|---|---|---|
| December 2025 | $46K | $208K |
| January 2026 | $47.5K | $162.1K |
| February 2026 | $103.8K | $186.7K |
| March 2026 | $64.3K | $231K |
| April 2026 | $62.6K | $203.4K |
| May 2026 | $140K | $239.1K |
| June 2026 | $92K | $259K |
| July 2026 | $76.6K | $240.8K |
| August 2026 | $45.6K | $201.1K |
| September 2026 | $46.2K | $240.7K |
| October 2026 | $63.2K | $195.7K |
API3 buybacks
355.5K API3 bought for $87.8K since September 2026, $0.25 on average
- Sep 26
- Oct 26
Show detailsHide details
| Month | API3 bought | Spent |
|---|---|---|
| September 2026 | 294.3K API3 | $66.1K |
| October 2026 | 61.2K API3 | $21.7K |
Wallets
Three multisigs, the same five signers
Each is a 3-of-5 Safe. The signers are publicly identified and bound by contract with the API3 Foundation to the charter, and they execute what passes on Snapshot within seven days. The Treasury and the Agent delegate their Snapshot voting power to the dead address, so the treasury's own API3 does not vote.
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Treasury
Holds the DAO's API3 and nothing else: the final mint, what the old DAO's primary agent held and the Vault's API3 that is not earmarked. It never posts proposals.
0xb7fa…AE4A on Etherscan (opens in a new tab) -
Vault
Holds the wstETH and the USDC in lending vaults, and owns api3.eth, the name behind the Snapshot space. It votes with the stake delegated to it in the old DAO and posts the team's proposals.
0x8e03…8b24 on Etherscan (opens in a new tab) -
Agent
Runs day-to-day operations: contributor payments, the treasury's DeFi positions and the Morpho vaults API3 curates. It holds only what those need.
0xBBE0…13DA on Etherscan (opens in a new tab)
Operational wallets
Gas, the emergency liquidation fund, rewards and the DAO's Safes on other chains. The old DAO's contracts were emptied into the multisigs at execution.
- Emergency Liquidation Fund Wallet Ethereum (opens in a new tab)
- Gas Fund Wallet Ethereum (opens in a new tab)
- MERKL Rewards Safe Ethereum (opens in a new tab)
- Agent on Robinhood Safe Robinhood Chain (opens in a new tab)
- MERKL on Robinhood Safe Robinhood Chain (opens in a new tab)
- Agent on Base Safe Base (opens in a new tab)
- MERKL on Base Safe Base (opens in a new tab)