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Introduction: A Large Treasury Is Not the Same as a Healthy Treasury
A DAO can hold hundreds of millions of dollars in digital assets and still face financial pressure. Its treasury may be large on paper but difficult to use when the market falls, its native token loses value, or contributors and service providers need to be paid. The important question is not only how much a DAO owns, but also what it owns, how accessible those assets are, whether they generate income, and how long the treasury can support the organisation.
DAO treasury management is the process of protecting and deploying the assets that fund a decentralised organisation. It includes deciding how much to keep in stablecoins, how much exposure to accept to the DAO's own token, whether to hold established crypto assets such as ETH and BTC, and whether to deploy part of the treasury into yield-generating strategies.
This guide compares ten large DAO or protocol treasury profiles: Mantle Treasury, ENS, GnosisDAO, Arbitrum DAO, Lido, Aave, Olympus DAO, Golem Network, Golem Foundation and Spark. The comparison uses the public treasury dashboard from DeFiLlama as a snapshot dated October 27, 2026, alongside published governance and treasury reports where available.
The figures are market-value estimates, not audited financial statements. They can change as token prices move, holdings change, and data providers update their classifications. A tracked treasury value should therefore not be interpreted as the amount of money immediately available to spend.
1. The Four Allocation Categories
Before comparing individual treasuries, it is important to understand the four allocation categories used in this article.
Stablecoins
Stablecoins are tokens designed to maintain a relatively stable value, usually by tracking a currency such as the US dollar. Examples include USDC and USDT. A treasury can use stablecoins to pay contributors, fund grants, cover operational expenses, and reduce its immediate dependence on crypto-market prices.
However, stablecoins are not risk-free. Their risks can include issuer or custodian failure, reserve concerns, freezing or redemption restrictions, smart-contract vulnerabilities and depegging. Holding stablecoins across several issuers or networks may reduce certain concentrations, but it can also introduce more operational complexity.
Native or own tokens
A native token is associated with a protocol or ecosystem. A treasury may receive its own token through token allocation, protocol emissions, fundraising or other mechanisms.
Holding a large amount of a project's own token can make the treasury look substantial during a bull market. The difficulty is that the treasury's value may decline alongside the project's market price. Selling a large quantity can also create market pressure, and the quoted market value does not guarantee that the whole position can be sold at that price.
Blue-chip crypto assets
For this comparison, blue-chip exposure means established crypto assets such as Bitcoin (BTC) and Ether (ETH), following the categories shown on the treasury dashboard. These assets may offer more diversified exposure than holding only a project's own token, but they remain volatile. ETH can also carry network, staking or custody-related risks depending on how it is held.
Yield-bearing assets and strategies
Yield-bearing positions are assets or investments that may generate returns, such as lending positions, liquidity provision, staking, tokenised money-market instruments or other approved strategies. The returns can help support operations, but they are not guaranteed.
A treasury dashboard's asset categories do not necessarily reveal whether each position is earning yield. For example, an ETH holding could be idle, staked, lent out or deposited into a liquidity pool. These are economically different situations even if the dashboard places them in the same broad asset category.
For that reason, this article reports the dashboard's asset allocation separately from documented yield activity. Where a reliable yield-bearing percentage cannot be established from the available source, it is marked as not verified rather than guessed.
2. Snapshot of Ten Treasury Profiles
The following table reproduces the October 27, 2026 snapshot supplied for this comparison. Percentages are rounded, so individual rows may not total exactly 100%. Dollar totals represent the dashboard's estimated treasury values at the time of the snapshot.
| Treasury profile | Total treasury | Stablecoins | BTC/ETH | Own tokens |
|---|---|---|---|---|
| Mantle Treasury | $1.814B | 11.7% | 4.3% | 83.8% |
| ENS | $421.08M | 13.3% | 6.5% | 74.3% |
| GnosisDAO | $194.03M | 13.0% | 6.5% | 46.6% |
| Arbitrum DAO | $589.15M | 6.7% | 4.0% | 86.9% |
| Lido | $118.71M | 17.0% | 45.7% | 37.2% |
| Aave | $116.87M | 17.3% | 9.2% | 65.8% |
| Olympus DAO | $125.02M | 25.4% | Less than 0.1% | 73.4% |
| Golem Network | $343.97M | Approximately 0% | 98.4% | 1.6% |
| Golem Foundation | $249.30M | Approximately 0% | 96.0% | 4.0% |
| Spark | $68.52M | 73.3% | Approximately 0% | 26.7% |
Source: DeFiLlama Protocol Treasury Dashboard.
Important interpretation note: The table shows the supplied snapshot, not guaranteed current balances. It also does not establish the exact percentage of each treasury that is immediately spendable or actively earning yield. The dashboard's "Others" category is omitted from this simplified table, so the three displayed allocation percentages may not sum to 100%.
3. What the Ten Profiles Reveal
3.1 Mantle Treasury: Size and Native-Token Concentration
Mantle Treasury is the largest profile in this sample, at approximately $1.814 billion. The snapshot attributes about 83.8% to its own token category, compared with 11.7% in stablecoins and 4.3% in BTC and ETH.
This illustrates why total treasury value must be read alongside asset composition. A treasury with a large native-token position can report a high dollar value without holding an equivalent amount of cash-like assets. If the native token falls sharply, the treasury's reported value can fall even if the number of tokens held has not changed.
A prudent review would examine the vesting schedule, token liquidity, expected operational costs and any existing commitments before concluding how much of this treasury is available for new initiatives. The snapshot alone does not prove that Mantle is underfunded or financially unsafe; it highlights a concentration that deserves monitoring.
Reference: DeFiLlama treasury dashboard.
3.2 ENS: A Large Treasury With Significant Own-Token Exposure
The ENS treasury profile is approximately $421.08 million, with 74.3% in its own token category, 13.3% in stablecoins and 6.5% in BTC and ETH.
The main treasury-management question is how much funding ENS needs for continuing development, ecosystem support, governance and other approved work, and whether the assets available to meet those obligations are sufficiently liquid. A large native-token allocation can support the organisation's long-term interests, but it also exposes the reported treasury value to changes in the token's price.
The ENS governance and ecosystem documentation provides useful context for understanding its organisation and official tools. However, documentation about governance should not be mistaken for proof of a particular investment policy. Any claim about a formal treasury allocation rule should be supported by the actual policy or governance proposal.
Reference: ENS official websites, apps and tools.
3.3 GnosisDAO: A More Varied Asset Mix
GnosisDAO's profile totals approximately $194.03 million. Its own-token allocation is 46.6%, while stablecoins account for 13.0% and BTC/ETH for 6.5%. The dashboard also assigns a meaningful share to other assets.
Compared with profiles where own tokens account for more than 80% of the total, this distribution appears less concentrated in the native-token category. That does not automatically mean the treasury is safer: the risk of the other assets depends on what they are, their liquidity, and whether they are exposed to similar market conditions.
The next step in a proper assessment would be to identify the assets grouped under "Others", determine which are liquid, and examine any formal treasury mandates or spending commitments. A diversified-looking dashboard is a useful starting point, not a substitute for an asset-by-asset risk review.
Reference: Gnosis ecosystem dashboard and DeFiLlama treasury dashboard.
3.4 Arbitrum DAO: A Large Treasury With High Own-Token Exposure
Arbitrum DAO is valued at approximately $589.15 million in the snapshot. Its own-token category represents 86.9%, with 6.7% in stablecoins and 4.0% in BTC/ETH.
This is an example of why a DAO's reported treasury value should not be confused with its operating budget. A large token position can be valuable but may not be suitable for meeting all short-term expenses without conversion, governance approval or consideration of market impact.
Arbitrum's treasury-management discussions are relevant because they show how treasury decisions can involve governance, research, mandates and ongoing oversight rather than one simple allocation number. When evaluating such a programme, readers should distinguish proposed recommendations, approved decisions and completed transactions. They are different stages and should not be presented as interchangeable.
References: Arbitrum DAO Treasury Research deliverables and Arbitrum Treasury Management Council updates.
3.5 Lido: A Larger BTC/ETH Share in This Snapshot
Lido's profile totals approximately $118.71 million. BTC/ETH account for 45.7%, own tokens for 37.2%, and stablecoins for 17.0%.
Within this ten-profile sample, Lido has one of the larger reported BTC/ETH shares. That changes the nature of its exposure compared with a treasury dominated by its own token, although it does not remove market risk. ETH and BTC prices can decline, and the liquidity or availability of assets may depend on how positions are held.
Treasury health also requires looking at financial flows, not just holdings. Lido's H1 2026 report discusses revenue, expenses and the impact of a one-off Kelp-related incident expense. Such items matter because a treasury can have substantial assets while still recording a negative result over a reporting period. A one-off expense should be distinguished from recurring operating costs when assessing long-term sustainability.
Reference: Lido H1 2026 report.
3.6 Aave: Assessing Token Exposure Alongside Stablecoin Reserves
Aave's snapshot is approximately $116.87 million, with 65.8% in its own-token category, 17.3% in stablecoins and 9.2% in BTC/ETH.
The stablecoin share can provide a useful starting point for asking whether liquid reserves are sufficient for planned commitments. But the percentage by itself cannot answer that question. A treasury with large upcoming expenses may require more readily available liquidity than one with a small operational budget and few near-term obligations.
A thorough review should combine the holdings snapshot with governance-approved budgets, recurring expenditure, grants, security commitments and the terms of any deployed investments. It should also identify whether the DAO has exposure through lending or liquidity positions that may introduce counterparty, smart-contract or withdrawal risks.
Reference: DeFiLlama treasury dashboard. Specific claims about Aave's treasury policy should be backed by an applicable governance proposal or official report.
3.7 Olympus DAO: Stablecoins and Own-Token Exposure
Olympus DAO's profile is approximately $125.02 million. The snapshot shows 25.4% in stablecoins, less than 0.1% in BTC/ETH and 73.4% in its own-token category.
Among the ten profiles, Olympus has a comparatively larger stablecoin share than many of the native-token-heavy treasuries. However, the majority own-token exposure remains significant. This demonstrates why it is misleading to label a treasury as low-risk based on one allocation category alone.
The relevant questions include the liquidity of the stablecoins, the nature of the other assets, the treasury's obligations and the rules governing deployment or withdrawal. Treasury managers should also assess whether assets are held directly or through positions with additional dependencies.
Reference: DeFiLlama treasury dashboard.
3.8 Golem Network: Strong Concentration in BTC/ETH
The Golem Network profile totals approximately $343.97 million. Its snapshot is unusually concentrated in BTC/ETH at 98.4%, with approximately 1.6% in own tokens and close to zero in stablecoins.
This composition differs substantially from the profiles dominated by native tokens. It reduces reliance on the value of the project's own token within the tracked categories, but it also means that the treasury's reported value may move with the broader crypto market.
A low stablecoin percentage raises a practical question: how are near-term operational expenses funded? The answer cannot be determined from the holdings table alone. The organisation might have other cash flows, planned conversions, separate accounts or spending arrangements not visible in the simplified snapshot. These possibilities should be investigated rather than assumed.
Reference: DeFiLlama treasury dashboard.
3.9 Golem Foundation: A Similar Profile, but a Separate Entity
The Golem Foundation profile is approximately $249.30 million, with 96.0% in BTC/ETH, 4.0% in own tokens and approximately zero in stablecoins.
Its allocation resembles the Golem Network profile, but the two profiles should not be merged or treated as one treasury without evidence that their assets and liabilities are legally or operationally combined. Separate organisations may have different mandates, spending commitments and control structures, even when they are connected to the same wider ecosystem.
A complete treasury review would examine the foundation's own financial disclosures and policies, the liquidity of its assets and the relationship between its long-term holdings and expected expenses. The dashboard provides an initial asset breakdown; it does not establish the foundation's runway or spending authority.
Reference: DeFiLlama treasury dashboard.
3.10 Spark: A Stablecoin-Heavy Profile
Spark's treasury profile totals approximately $68.52 million, with 73.3% in stablecoins, 26.7% in own tokens and approximately zero in BTC/ETH.
This is the clearest stablecoin-heavy profile in this sample. A high stablecoin share can make a treasury's reported assets less directly exposed to BTC and ETH price movements. It does not mean the whole treasury is risk-free, because stablecoins can face issuer, redemption, depegging and smart-contract risks.
Nor does a stablecoin allocation automatically establish that the funds are earning yield. Some may be held for liquidity or future expenditure; others might be deployed in lending or investment strategies. The actual position-level records and approved policies are needed to determine which is true.
Reference: DeFiLlama treasury dashboard.
4. How to Measure Yield-Bearing Allocation Properly
Yield-bearing assets deserve separate analysis because their risks and returns cannot be inferred from the token symbol alone.
A DAO may earn interest by supplying assets to a lending market, receive staking rewards, provide liquidity to a decentralised exchange, or allocate capital through an approved external manager. Each approach has different risks. Lending can expose the treasury to smart-contract failures and liquidity constraints. Liquidity provision can create impermanent loss. Staking can involve validator, slashing, withdrawal or provider risks. External managers can introduce mandate, reporting and counterparty risks.
A useful yield-bearing allocation measure is:
Yield-bearing allocation (%) = Value of verified yield-generating positions ÷ Total treasury value × 100
The numerator should include only positions that can be verified from current position records, treasury reports or on-chain data. It should not include every stablecoin, ETH or other asset merely because that asset could theoretically earn yield.
The denominator also needs a consistent definition. If the analysis includes own-token holdings in the total treasury value, the same definition should be used for every DAO. Otherwise, the percentages are not comparable.
For this ten-profile comparison, a reliable yield-bearing percentage cannot be established from the simplified asset categories alone. The correct finding is therefore that the yield-bearing allocation is not verified in this table. This is not a claim that the DAOs earn no yield. It means additional position-level evidence is required.
A stronger follow-up study would record each DAO's verified deployed positions, value, strategy, reported APY, reporting date, lock-up conditions and major risks. It would also distinguish gross yield from net return after fees, losses and operational costs.
5. Calculating Treasury Runway
Runway estimates how long an organisation can continue operating before it runs out of the funds included in the calculation. It is one of the most useful treasury-management measures, but it is often misunderstood.
A basic formula is:
Runway in months = Liquid funds available for operations ÷ Average monthly net cash outflow
For example, imagine a DAO has $12 million in liquid assets genuinely available for operating costs and spends an average of $1 million more each month than it receives. Its estimated runway is 12 months.
If another DAO has $30 million available for operations and an average net monthly outflow of $2.5 million, its estimated runway is 12 months as well. The second DAO has more liquid assets, but it also spends more. This is why treasury size alone does not determine runway.
These are hypothetical examples, not runway estimates for any of the ten DAOs in the table. The public holdings snapshot does not provide a consistent set of verified monthly net outflows or unrestricted operating reserves for all ten organisations.
A real calculation should consider:
[]Liquid assets that can reasonably be used to pay expenses.
[]Recurring monthly expenses, including contributors, contractors, grants and infrastructure.
[]Expected revenue, fees or other inflows, where these are sufficiently reliable.
[]Approved but unpaid commitments, including grants and future contracts.
[]Restrictions, vesting schedules, withdrawal delays and assets that cannot be sold without significant impact.
[]One-off costs that should be separated from recurring operating expenses.
For example, a DAO may report $100 million in total assets, but if only $10 million is available for operations and its net monthly outflow is $1 million, its simple operating runway is about ten months, not one hundred months. The result depends on the definition of available funds and whether the monthly outflow estimate is realistic.
Runway is also a scenario measure rather than a permanent fact. A DAO should calculate a baseline case and stress cases, such as lower revenue, higher expenses, a decline in asset prices or a delay in withdrawing deployed assets. Reviewing the calculation monthly or quarterly helps governance participants identify when spending plans need to change.
6. Common Principles for Better DAO Treasury Management
Although the ten profiles differ, several principles can help any DAO manage its treasury more responsibly.
1. Match liquidity to obligations.
Treasuries should identify the funds required for near-term payroll, contributor payments, grants and other commitments. Assets needed soon should not be placed into strategies that are difficult to exit. The appropriate reserve depends on the organisation's obligations and cash-flow uncertainty rather than one universal percentage.
2. Measure native-token concentration.
A large native-token balance may be valuable, but it can create a mismatch between reported treasury wealth and spendable resources. Governance should understand the effect of token-price declines, market depth and large sales. It should also disclose whether proposed allocations depend on converting native tokens into other assets.
3. Set explicit risk limits.
A treasury policy can establish limits for exposure to a single asset, stablecoin issuer, custodian, protocol or external manager. Limits should be supported by a clear rationale and reviewed as the DAO's size and operating needs change. Diversification is most useful when it reduces meaningful risks rather than merely increasing the number of token symbols held.
4. Treat yield as compensation for risk, not free income.
A high advertised APY does not automatically make a strategy appropriate for treasury funds. Governance should review smart-contract risk, liquidity, collateral quality, counterparty exposure, fees and the possibility of losing principal. Net returns and the strategy's ability to meet withdrawals matter more than headline yield alone.
5. Separate policy, proposal and execution.
A treasury proposal is not proof that funds have been deployed. A council recommendation is not necessarily an approved policy, and an approved policy does not guarantee that every transaction has been completed. Treasury reporting should clearly label proposed allocations, approved mandates, executed transactions and current positions.
6. Publish understandable reports.
Reports should show asset values, allocation percentages, cash flows, expenses, commitments, strategy performance and material risks. They should also explain the reporting period and valuation method. Clear reporting helps tokenholders and contributors assess whether treasury decisions match the organisation's goals.
7. Use scenario planning.
Treasury managers should model what happens if the native token falls, revenue drops, a major expense arrives or a yield strategy becomes inaccessible. Scenario analysis does not predict the future, but it helps governance prepare for conditions that would otherwise force rushed decisions.
8. Establish accountability and review cycles.
Treasury mandates should specify who can execute transactions, what approvals are required, how exceptions are handled and how performance is reported. Independent review, transaction monitoring and clear conflict-of-interest rules can help reduce operational and governance risks.
7. What This Comparison Can and Cannot Tell Us
The ten profiles demonstrate that large treasuries can have very different asset compositions. Some are heavily exposed to their own tokens, others hold a large share of BTC and ETH, and Spark's snapshot is primarily stablecoins. GnosisDAO presents a more varied mix across the displayed categories.
These differences help identify questions for further investigation. A high native-token share calls for closer attention to price concentration and conversion liquidity. A high BTC/ETH share raises questions about market exposure and how near-term expenses are funded. A high stablecoin share raises questions about issuer diversification, redemption and whether the funds are reserved or deployed.
However, the comparison does not rank the ten DAOs from safest to riskiest. The table does not capture all liabilities, vesting restrictions, committed spending, legal structures, revenue sources or position-level investment risks. It also cannot establish which DAO has the longest runway without consistent operating cash-flow data.
The percentages are a dated snapshot, not a live guarantee. Because the market values and treasury compositions change, anyone using the table for a new decision should open the original dashboard and record a fresh observation date.
Conclusion
A well-managed DAO treasury is more than a large number on a dashboard. It needs assets that fit the organisation's obligations, a clear understanding of native-token and market exposure, realistic runway estimates, carefully assessed yield strategies and governance processes that make decisions accountable.
The ten profiles show why allocation matters. Mantle Treasury and Arbitrum DAO have high own-token exposure in the supplied snapshot, Golem Network and Golem Foundation are heavily concentrated in BTC/ETH, and Spark is stablecoin-heavy. These observations are useful starting points, but they are not complete risk ratings or proof of each DAO's operating runway.
The most useful treasury analysis combines holdings data with approved policies, verified yield positions, spending commitments and actual cash flows. When those elements are measured consistently and reported transparently, governance participants can make better decisions about how to preserve capital and fund the organisation's long-term work.
Sources and Further Reading
[]DeFiLlama — Protocol Treasury Dashboard. Source for the treasury snapshot and broad asset categories used in this comparison.
[]ENS — Official Websites, Apps and Tools. Background on ENS's official ecosystem resources.
[]Gnosis ecosystem dashboard. Additional context for Gnosis ecosystem data.
[]Arbitrum DAO Treasury Research deliverables. Treasury research and recommendations.
[]Arbitrum Treasury Management Council updates. Governance updates related to treasury management.
[]Lido — H1 2026 report. Financial reporting and discussion of revenue, expenses and a one-off incident-related expense.- Karpatkey — CoW DAO 2023 treasury review. An example of reporting on treasury strategy outcomes, capital utilisation and yield results. This is a separate DAO example, not evidence of the ten profiles' current yield allocations.
Research and Data Note
The allocation figures in the table are the supplied October 27, 2026 snapshot and should be rechecked against the linked dashboard immediately before publication. Treasury values are market estimates and may change. The simplified comparison excludes the dashboard's "Others" category from the percentage columns and does not claim to provide audited balances, verified yield-bearing percentages or actual runway estimates for all ten DAOs. Those measures require additional evidence from current position records, treasury reports, governance documents and operating cash-flow data.