BAL — NAV per Token

Balancer |NAV per Token

☽

Net Asset Value per BAL Token

—

DAO Treasury value (excl. native BAL) ÷ circulating supply. Intrinsic backing per token from all DAO-held assets across chains and DeFi positions.

📊 Octav → 🔍 DeBank → 📈 DefiLlama →

BAL Market Price

—

NAV / Price Ratio

—

NAV ÷ Market Price

Treasury Yield

~5.2% APY

~$600K in 2025

DAO Treasury Overview

Total Treasury

—

All chains & DeFi

Excl. Native BAL

—

NAV numerator

Circ. Supply

—

Market Cap

—

Treasury / MCap

—

Backing ratio

Allocation by Category

Asset	Position	Chain	Balance	Value
Loading...

Extended NAV — Including Working Capital & Collected Fees

Adjusted NAV per BAL

—

This extended view adds assets held by Balancer OpCo Limited (working capital for operations) and Balancer Onchain Limited (collected protocol fees not yet distributed) to the base DAO Treasury NAV.

⚠ Important: The capital in these wallets is allocated for funding operations and protocol development. OpCo holds working capital for the Balancer Foundation's operational needs (salaries, audits, infrastructure). Onchain Limited holds collected protocol fees that may be used for ecosystem growth, contributor compensation, or protocol improvements per governance decisions. This capital should not be considered freely distributable to BAL holders — it is earmarked for sustaining and growing the protocol. The base Treasury NAV above is a more conservative measure of per-token backing.

OpCo Balancer OpCo Limited — Working Capital

0x3B8910F378034FD6E103Df958863e5c684072693

Etherscan ↗DeBank ↗

Onchain Balancer Onchain Limited — Collected Fees

0x16b0056636Fcc85f92C49cD49a24bc519d4A1941

Etherscan ↗DeBank ↗

Base Treasury NAV

—

DAO Treasury only

+ OpCo Holdings

—

Working capital (ex-BAL)

+ Onchain Holdings

—

Collected fees (ex-BAL)

Ext. NAV / Price

—

Adjusted ratio

Methodology

The Base NAV prices all assets in the DAO Treasury and DAO Multisig wallets — including DeFi positions (Aave, Lido, Compound, Maker), staked tokens (stkAAVE, stkGHO, wstETH, vlAURA), and governance tokens from treasury swaps — then divides by BAL circulating supply. Native BAL is excluded to avoid circular valuation.

Base NAV = (Treasury Value − Native BAL) ÷ Circulating Supply

Extended NAV = (Treasury + OpCo + Onchain − All Native BAL) ÷ Circulating Supply

Data sourced across Ethereum, Gnosis Chain, Arbitrum, Base, and other L2s. Token prices fetched live from CoinGecko API. Token symbols verified via CoinGecko contract addresses.

⚠ Balances are approximate. Complex DeFi positions may not be fully captured. See Karpatkey, Octav, and DeBank for authoritative data.

All Addresses

Token BAL Token

0xba100000625a3754423978a60c9317c58a424e3D

Etherscan ↗

Treasury DAO Treasury Multisig (Karpatkey)

0x0EFcCBb9E2C09Ea29551879bd9Da32362b32fc89

Etherscan ↗DeBank ↗

DAO DAO Multisig

0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f

Etherscan ↗DeBank ↗

OpCo Balancer OpCo Limited

0x3B8910F378034FD6E103Df958863e5c684072693

Etherscan ↗DeBank ↗

Onchain Balancer Onchain Limited

0x16b0056636Fcc85f92C49cD49a24bc519d4A1941

Etherscan ↗DeBank ↗