BAL — NAV per Token

Balancer |NAV per Token

☽

Net Asset Value per BAL Token

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DAO Treasury value (excl. native BAL) ÷ adjusted circulating supply. Positions + prices from Zerion API (8000+ protocols, 38+ chains). Supply from Etherscan on-chain.

📊 Octav →🔍 DeBank →📈 DefiLlama →

BAL Market Price

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NAV / Price Ratio

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NAV ÷ Market Price

Treasury Yield

~5.2% APY

~$600K in 2025

DAO Treasury Overview

Total Treasury

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Zerion: all chains + DeFi

Excl. Native BAL

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NAV numerator

Total Supply (on-chain)

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BAL token contract

Circ. Supply (adjusted)

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Total − 4 excluded wallets

Market Cap (adj.)

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Treasury / MCap

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Backing ratio

Allocation by Category

Asset	Protocol	Chain	Balance	Value
Loading from Zerion...

Extended NAV — Including Working Capital & Collected Fees

Adjusted NAV per BAL

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Adds assets from Balancer OpCo Limited (working capital) and Balancer Onchain Limited (collected fees).

⚠ Important: This capital is allocated for funding operations and protocol development. It should not be considered freely distributable to BAL holders.

OpCo Balancer OpCo Limited

0x3B8910F378034FD6E103Df958863e5c684072693

DeBank ↗

Onchain Balancer Onchain Limited

0x16b0056636Fcc85f92C49cD49a24bc519d4A1941

DeBank ↗

Base Treasury NAV

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DAO Treasury only

+ OpCo Holdings

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Working capital (ex-BAL)

+ Onchain Holdings

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Collected fees (ex-BAL)

Ext. NAV / Price

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Adjusted ratio

Methodology

Data sources: Zerion API (via Cloudflare Worker proxy) for all token balances, DeFi positions, and USD prices across 38+ chains and 8000+ protocols. Etherscan API for on-chain BAL supply calculation.

Circ. Supply = totalSupply() − BAL(Treasury) − BAL(BLabs Vesting) − BAL(BLabs Fundraise) − BAL(tetuBAL)

NAV = Treasury Value (ex-BAL) ÷ Circ. Supply

Wallets excluded from circulating supply: DAO Treasury (0x0EFc...fc89), BLabs Vesting (0xCDcE...DBc5), BLabs Fundraise (0xB129...20Eb), tetuBAL (0x9cC5...96Ce).

See Karpatkey and Octav for additional reporting.

All Addresses

Token BAL Token

0xba100000625a3754423978a60c9317c58a424e3D

Etherscan ↗

Treasury DAO Treasury (Karpatkey)

0x0EFcCBb9E2C09Ea29551879bd9Da32362b32fc89

DeBank ↗

BLabs BLabs Vesting Safe

0xCDcEBF1f28678eb4A1478403BA7f34C94F7dDBc5

Etherscan ↗

BLabs BLabs Fundraise Fund