Proposal Update
Threshold DAO has received an offer from a consortium of major DeFi protocols and other WBTC stakeholders to purchase the 15% T mint at $0.02 per token, meaning BitGo now has the option to receive all cash ($33,105,000) and/or their desired mix of T tokens.
Details
Given WBTC’s systemic importance, several protocols with significant exposure to WBTC have expressed interest in supporting the tBTC/WBTC merger proposal via financial participation. These protocols and other stakeholders have formed a consortium to purchase the newly minted T at a price of $0.02 per token, with the cash proceeds being passed on to BitGo. For BitGo, this removes price uncertainty from the original proposal, allowing them to select whatever mix of T token and/or cash they prefer.
The purchased tokens will be eligible to be staked as part of the Beta Staking program, allowing the consortium members to participate directly in custodying the underlying Bitcoin and further decentralizing the protocol. Additionally, several of the participating protocols will appoint representatives to the Threshold Council.