Master of Coin Report: Update on the 4-year DAO Budget
Introduction
This report provides a comprehensive update on the DAO’s financial performance and health against the 4-year budget (2025-2028) outlined in DIP-26, and verifies the Foundation’s reported numbers as per the Foundation’s Transparency Report. The report showcases the current asset holdings and enables the DAO to make informed decisions about upcoming asset management proposals and strategic investments in 2026.
Target vs. Actual 2025
The DAO’s stringent financial management, in coordination with the SSV Foundation, resulted in substantial spending reductions in 2025. Strategies implemented to protect the treasury and mitigate inflationary pressure on the SSV token involved several key actions:
- Significant reduction in operational expenses, such as downsizing DAO committees;
- Establishment of notional price floors (e.g., $10 floors) for token-denominated expenses;
- Successful negotiation of highly favorable payment terms for major grants, exemplified by the SSV Labs grant (DIP-53).
The table below compares the 2025 Target Budget and the 2025 Actual Expenditures across major categories as detailed in the 4-year budget sheet:
| USD Expenses | 2025 Target | 2025 Actual ($)* | Tokens Spent |
|---|---|---|---|
| SSV Foundation Budget** | 1,550,000 USDC 10,000 SSV | $1,820,674.54 | 1,550,000 USDC 10,000 SSV |
| R&D budget (SSV Labs Grant) | $7,750,000 | $6,727,480.98 | 1,215,018.05 SSV |
| Marketing budget | $1,000,000 | $858,863.18 | 563,943 USDC 31,241.51 SSV |
| Grants Program (DIP-26)*** | $500,000 | $0 | — |
| Biz Dev (DIP-42) | $500,000 | $254,615.11 | 69566.97 SSV |
| DAO Committees | $300,000 | $247,031.46 | 36,617.51 SSV |
| Total Budget | $11,600,000 | $9,908,665.27 | 2,113,943 USDC 1,362,444 SSV |
| Total Budget with 10% Buffer | $12,760,000 | — | — |
* Based on a 1d SSV closing price on the day of transfer (mainly equals the date of token mint)
** Includes funds dedicated to indemnity agreements
*** Grants payments made with Pre-DIP-26 Budget: $1,268,304.7 (732,973.85 USDC, 82962.69424 SSV).
SSV Labs Grant
The execution of DIP-53, the grant to SSV Labs, serves as a prime example of the DAO and SSV Foundation’s proactive measures to protect the treasury amidst challenging market conditions. The entities successfully negotiated favorable payment terms, substantially mitigating inflationary pressure on the SSV token.
The grant was structured for three installments, with the first two payments already executed based on a 180-day moving average price. This mechanism proved highly advantageous for the DAO in the weak market environment: the July 2025 payment of 477,554.92 SSV was calculated at $10.47 per token, and the January 2026 payment of 737,463.13 SSV was calculated at $6.78 per token. This resulted in a total outflow of 1,215,018.05 SSV, valued at $6,727,480.98 USD.
DAO Total Net Worth
The DAO’s net worth is the sum of all its assets across all DAO Wallets, providing a snapshot of its financial health as of March 1, 2026.
The DAO has successfully built a sensible yet robust USDC stack valued at $2.13M, providing a foundation for strategic investments even during difficult market conditions over the next 2 years.
The total net worth is primarily composed of three assets: SSV tokens, USDC stablecoins, and other tokens:
| Asset | Amount | Ref. Price (USD) | Value (USD) |
|---|---|---|---|
| SSV | 1,722,972.49 | $2.65 | $4,565,877.09 |
| USDC | 2,131,582.6 | $1 | $2,131,582.06 |
| Others (ETH, SAFE, Ether.fi) | 216 ETH 106,670 ETHFI 10,640 SAFE | $2,078 $0.54 $0.11 | $448,908.48 |
| Total Net Worth 1) 2) 3) | — | — | $7,164,946.30 |
1) The table above doesn’t take into account future committed spendings and outstanding debts, like grant commitments or unclaimed budget. For transparency, the USDC-denominated part of those commitments is $350,319.27. It doesn’t include any SSV-denominated commitments. A detailed breakdown of all holdings is available here.
2) Outstanding claims against the network fee pool and other vestings aren’t part of the calculation and would increase the DAO’s total net worth.
3) The calculation is based on current asset amounts multiplied by their market price in USD as of the 1st of March 2026.
Conclusion
The preceding report definitively demonstrates the DAO’s resilience and stringent financial planning throughout the challenging market conditions of 2025/2026. Through collective action with the SSV Foundation, the DAO managed to navigate this difficult period.
The establishment of a robust treasury in 2026 allows the DAO to focus on generating yield from existing assets, pursuing strategic grants, and maintaining lean operations without sacrificing governance and decentralization.
Grant activities are being deliberately narrowed to concentrate only on strategic, high-impact investments, such as those directed toward SSV Labs and Sigma Prime.
The DAO has downsized its operational expenses such as committee costs, while keeping the project fully community-owned and governance intact.
Any of the above outlooks require the DAO’s approval by vote and is subject to change.