The Ethereum Name Service (ENS) DAO is considering a proposal to sell 10,000 ETH for USDC via a Gnosis Auction.
The governance proposal submitted on Jan. 18 seeks to diversify the ENS DAO Treasury. Currently, the DAO holds about 40,746 ETH and $2.46 million USDC.
However, due to the prolonged bear market, the DAO may be in a vulnerable position by being overexposed to a single volatile asset. For context, ETH has lost roughly 52% of its value year-over-year.
As a result, the DAO is deliberating on converting about 25% of its ETH holdings into USDC.
The sale will be conducted via a Gnosis auction, with the minimum bid price set at $1,300 per ETH. The sale will generate approximately $13 million in USDC, which will be transferred to the DAO’s treasury.
The proposal added that the funds realized from the auction will be used to cover the DAO’s operating costs for the next two years.
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