This report covers September 2026 for 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 $151.74M at the end of August to $163.05M at the end of September, a 7.5% increase. Part of that comes from a reporting change: the dYdX figure now includes the Binance buyback account (about $1.19M), which was previously recorded as an outflow. Excluding it, combined AUM grew 6.7%.

Ether rose 8.7% over the month, lifting the ETH-linked positions across the mandates. DeFi strategy yield across the five mandates came to $388,737, up from $375,142 in August. The detail for each mandate follows below.

ENS

The ENS Endowment grew by 6% from $93.12M at the end of August to $98.70M at the end of September, with capital utilisation at 99.9%. Mark-to-market gains of $4.69M came mainly from ETH, which rose from $2,469 to $2,684, and net external inflows were $0.65M, mostly 259.9 ETH of .eth registrar revenue received on 21 September.

The Endowment rebalanced back to its 60/40 target: ETH now makes up 59.9% ($59.08M) and stablecoins 40.1% ($39.62M). ETH holdings fell from about 25,000 to about 22,000 ETH, with roughly 3,350 ETH moved into stablecoins, and most of the proceeds went to Fluid. On 24 September, $5.00M USDC moved from Fluid to the Morpho KPK USDC Prime V2 vault.

DeFi strategy yield came to $246,752, up 7% from $230,305 in August. The Endowment held positions in nine protocols, with ether.fi the largest at 22.4% and no single protocol above 30%.

CoW DAO

CoW DAO's treasury mandate grew by 3% from $26.11M at the end of August to $26.94M at the end of September, split between $21.58M in the Core Treasury Mandate and $5.36M in the Defence Reserve, held entirely in sDAI on Gnosis Chain. The change came from $451K of mark-to-market gains, $79,859 of DeFi strategy yield and $302K of net inflows.

At the start of the month, 240 WETH of protocol fees were converted to GHO and deposited into Savings GHO. Part of that position was later redeemed to fund a $1.00M allocation to Compound's new institutional USDC market, and fees from the mainnet COW/WETH liquidity position were staked through ether.fi. The managed portfolio is deployed across nine protocols, with Morpho and Aave together representing 66% of the main treasury wallet, and across five chains. ETH rose 8.7% in September and COW 35.7%.

dYdX

The dYdX Treasury SubDAO's total funds stood at $19.35M at the end of September, up from $15.50M at the end of August. The increase reflects the Binance buyback account now being in scope (about $1.19M) and a 29.7% rise in the DYDX price, from about $0.1115 to $0.1446, not new inflows. Allocation ended the month at 69.17% DYDX, 18.20% in the Ondo USDY real-world-asset position and 12.63% in stablecoins, with capital utilisation at 87.93%.

DeFi strategy yield was $20,288, from Ondo USDY ($10,220), the KPK USDC Prime Core V2 vault on Morpho ($5,098) and staking ($4,970); staking yield fell as protocol fees declined with platform volume. About $1.0M was withdrawn from the Morpho vault to fund the buyback account. The buyback programme acquired 1,080,989 DYDX in open-market purchases at an average price of $0.1192. About 90.04M DYDX remained staked at month end, and Proposal #396 reduced the active validator set from 31 to 21, with the affected stake due to be redeployed at the next staking review.

Balancer

Balancer's KPK-managed treasury grew by 7% from $9.59M at the end of August to $10.22M at the end of September. DeFi strategy yield was $26,166 for the month, equivalent to a 3.4% annualised return, compared with $25,790 in August.

By asset type, the treasury was 49.97% stablecoins, 30.49% AAVE, 12.34% Ether, 4.63% BAL and 2.57% other assets. By position type, 40.67% sat in staking and savings, 28.36% in lending and 21.73% in yield vaults. Around 59% of the portfolio could be withdrawn instantly, with the rest available within a week.

Nexus Mutual

Nexus Mutual's treasury mandate grew by 6% from $7.42M at the end of August to $7.84M at the end of September, with $399K of mark-to-market gains driven by NXM price appreciation and a rise in ETH that lifted the liquid-staking positions. wNXM rose 7.3% over the month, from $62.84 to $67.41. DeFi strategy yield was $15,672, down from $20,562 in August.

The largest position remained Nexus Mutual's own staked NXM and RWI vault book, at 67.9% of the mandate, up from 67.2%. Capital utilisation stood at 98.1%, with $7.69M deployed across seven protocol positions. On 14 and 16 September, $14,317 of USDC was deposited into the Morpho KPK USDC Yield V2 vault, partly funded by selling the residual WETH and a small cbBTC balance. There was no NMDP 15 disbursement in September; the budget is paid in quarterly tranches, the first of which went out in August.

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.