Reports
This report combines July and August 2026 into a single update, folding in the standalone July edition that was skipped to keep the treasury series consistent. It covers KPK's five DAO treasury mandates: ENS, CoW DAO, dYdX, Balancer and Nexus Mutual.
Monthly highlight
Combined assets under management across KPK's five DAO treasury mandates grew from $132.29M at the end of July to $151.74M at the end of August, a 14.7% increase over the two months.
That growth tracked a broader market recovery led by Ether: BTC gained 4.1% in July and 25.1% in August, while ETH rose 14.8% and 33.7% in the same two months, outperforming Bitcoin throughout. DeFi strategy yield across the five mandates added $332,520 in July and $375,142 in August, a smaller and steadier contribution on top of the market-driven gains. The detail for each mandate follows below.
ENS
The ENS Endowment grew by 22% from $76.34M at the end of July to $93.12M at the end of August, with capital utilisation staying above 98% throughout. The increase was driven mainly by ETH's price recovery rather than a change in position sizing: the endowment held around 26,500 ETH through July, trimming modestly to around 25,058 ETH by the end of August even as ETH's own value rose. The split between ETH and stablecoins stayed broadly stable across the two months, in accordance with the mandate.
DeFi strategy yield came to $201,762 in July and $230,305 in August, up 15% and a further 14% respectively, continuing a steady month-on-month improvement. July's yield was spread across seven protocols led by Fluid (22.8%), StakeWise (22.7%), ether.fi (20.0%) and Stader (19.5%). August saw the endowment continue diversifying its stablecoin book across Aave and Compound alongside its other lending positions, spreading exposure across nine protocols with no single position above 30% and around $1.05M in liquid reserves awaiting deployment at month end.
CoW DAO
CoW DAO's actively managed treasury mandate stood at $24.44M at the end of July, down from $26.54M in June after a $3.15M USDC withdrawal on 9 July; excluding that transfer, the managed portfolio gained $854K over the month on ETH and staked-position marks. The mandate rose to $26.11M by the end of August, split between $20.78M in the Core Treasury Mandate and $5.33M in the Defence Reserve, held entirely in sDAI on Gnosis Chain.
DeFi strategy yield was $73,361 in July and $77,342 in August. Positioning shifted over the two months: July's portfolio stayed concentrated in stablecoin lending through Aave (37.6%) and Morpho (36.7%), with smaller allocations to Spark's sDAI and liquid staking through EtherFi, Lido and StakeWise. In August, the mandate increased liquid staking exposure through Lido and ether.fi in the first half of the month, then unwound those positions from mid-August to capture ETH's appreciation, redirecting the proceeds back into stablecoin lending. The portfolio stays deployed across eight protocols and five chains.
dYdX
The dYdX Treasury SubDAO's total funds fell slightly from $16.04M at the end of July to $15.50M at the end of August, a period in which DYDX itself moved against the broader market recovery, down 23.7% in July and a further 5.9% in August while BTC and ETH both rose. The portfolio stayed close to fully deployed throughout, with capital utilisation at 89.0% in July and 95.0% in August. Allocation held broadly steady across the two months: around 63% in DYDX, roughly 22% in the Ondo USDY real-world-asset position on Ethereum, and the remainder in stablecoins.
DeFi strategy yield rose from $13,347 in July to $21,143 in August, helped by an additional $1M deployed into the KPK USDC Prime Core vault on Morpho, taking that position to $1.51M by month end. The Treasury SubDAO's buyback programme continued in parallel, acquiring 895,295 DYDX in July and 1,152,868 DYDX in August, entirely through open-market purchases. The SubDAO also completed a staking rebalance in July.
Balancer
Balancer's KPK-managed treasury grew by 11% from $8.63M at the end of July to $9.59M at the end of August. As with the other mandates, most of the increase came from market appreciation: July's net gain was $296,915, of which $21,327 came from DeFi strategy yield, and August's net gain was $1.03M, of which $25,790 came from strategy yield. The portfolio stayed diversified across lending and liquid-staking protocols, led by Aave and Morpho, which represented the core of DeFi positions in both months, alongside Gnosis, Lido, Spark, StakeWise, Rocket Pool and, newly in August, EtherFi.
Nexus Mutual
Nexus Mutual's treasury mandate grew by 8% from $6.84M at the end of July to $7.42M at the end of August. July's growth came with DeFi strategy yield of $22,723 for the month (up from $15,071 in June) and wrapped NXM appreciating 13.2%, ahead of Bitcoin's 7.4% gain but behind Ethereum's 18.7% advance. August's growth was driven mainly by further NXM price appreciation, wNXM rose 26.6% over the month, moving from $49.65 to $62.84, ahead of Bitcoin and just behind Ether's 32.5% gain, while DeFi strategy yield eased slightly to $20,562.
The portfolio's largest position remained Nexus Mutual's own staked NXM and RWI vault book throughout, rising from 58.2% of the mandate in July to 67.2% in August as its value grew, with the remainder spread across Morpho, Uniswap, ether.fi, StakeWise and Gearbox. Capital utilisation stood at 97.1% in July and 98.0% in August. August also saw the first disbursement under NMDP 15, the DAO's newly approved twelve-month team budget, funded by redeeming part of the Morpho position alongside a wNXM transfer.
Get in touch: 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.
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.
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