Each month KPK brings together the treasuries and endowments we manage into a single view, giving the wider community one place to follow performance, allocation and the month's notable activity across our mandates. This is the June 2026 edition.

Monthly highlight

June was a severe risk-off month, with BTC down roughly 20% and ETH down roughly 22% as a hawkish Federal Reserve, renewed geopolitical tension and record ETF outflows drained onchain liquidity. The treasuries we manage held their shape. Strategy yield stayed positive across every mandate, target allocations were maintained, and the decline in headline value was almost entirely price-driven.

Across the five mandates in this report, KPK managed roughly $135.6M at the end of June and generated $282,936 in DeFi results for the month. The month in brief:

• ENS earned $175,236 in strategy yield while its endowment tracked ETH lower;

• CoW generated $62,686;

• dYdX $4,806;

• Balancer $25,121;

• Nexus Mutual $15,087, its treasury having begun allocating to Nexus Mutual's new Real World Insurance vault.

ENS

Full June report on the ENS governance forum.

The endowment closed June at $68.4M, down from $86.9M a month earlier, with the fall almost entirely price-driven: mark-to-market valuation fell roughly $11.0M on the broad ETH decline, while strategy yield remained positive at $175,236. The endowment ran at effectively full capital utilisation, in line with its 60/40 ETH and stablecoin mandate.

Exposure is diversified across seven protocols with no single protocol above 30%. The largest positions are StakeWise (24.1%), Stader (23.3%), Aave (16.2%) and EtherFi (13.3%), with Morpho, Fluid and Sky making up the balance.

CoW DAO

Full June report on the CoW DAO forum.

The CoW treasury closed June at a net asset value of $32.7M. Strategy yield was positive at $62,686, while the total mark-to-market change was roughly -$1.7M as the DAO's COW holding and ETH-correlated positions tracked the wider market lower. Capital was held across liquid balances (~$7.5M) and DeFi positions (~$25.2M), for a deployment of roughly 77%.

dYdX

Full report on reports.kpk.io, with the SubDAO's June community update on the forum.

DYDX traded broadly in line with the market in June, declining approximately 18.0% over the month (BTC -18.4%, ETH -19.9% over the same window). The Treasury SubDAO closed at $20.55M, down from $22.5M at the end of May, driven by that price move.

The portfolio is held 77.1% in DYDX (88.10M tokens, valued at $15.84M) and 22.9% in stablecoins ($4.71M), at a capital utilisation of 79.73%. Strategy yield for the month was $4,806, split between the kpk USDC Prime Core vault on Morpho ($2,623) and the staking programme ($2,183). The buyback acquired 1,368,218 DYDX at an average price of $0.140, for a total outlay of 191,711 USDC, and the dYdX Treasury SubDAO flagged an upcoming RWA allocation as a decorrelated yield source for July.

Balancer

Full June report on the Balancer forum.

Balancer closed June at a net asset value of $7.73M. Having been the upside outlier in May, it followed the market lower this month, with a total mark-to-market change of roughly -$342k against positive strategy yield of $25,121. Capital utilisation stayed high, at roughly 95%.

Deployed capital is spread across Morpho (~28% of DeFi positions), Aave and staked AAVE (~23%), StakeWise GNO and ETH staking (~23%) and Gnosis Savings xDAI (~19%), with smaller Spark and Rocket Pool positions.

Nexus Mutual

Full June report on the Nexus Mutual forum.

The treasury closed June at $6.17M, with a total mark-to-market change of roughly -$843k on NXM and ETH price depreciation, against positive strategy yield of $15,087. Capital utilisation was high, at approximately 97%.

DeFi exposure is led by staked NXM at 57.8% ($3.5M across four staking pools), followed by Morpho (14.1%), Fluid (12.7%) and Uniswap (8.3%). During June the treasury's Real World Insurance (RWI) USDC vault went live, following the permissions approved in May, adding a regulated insurance yield source alongside the existing NXM staking and stablecoin strategies.

About KPK

KPK is a non-custodial onchain asset manager for DAOs, institutions and capital allocators, actively managing capital across DeFi since 2020. Over $8bn deployed onchain, more than 16,000 transactions and zero funds lost. Full monthly dashboards for every mandate are published on reports.kpk.io. If your DAO or organisation is considering professional treasury management, the team would be glad to talk.