January 2025 – March 2025 (Q1)
Gitcoin DAO began 2025 with a continued focus on financial sustainability, strategic oversight, and a deliberate effort to optimize resource allocation. This quarter featured normalized expenditure across business units after the elevated activity of Q4 2024. With stable treasury conditions and clearer forecasting, Q1 marked a disciplined start to the new fiscal year.
Quarterly Highlights
- Total Q1 Spending: $1,362,449 (January: $513,337 | February: $395,951 | March: $453,161)
- Quarterly Treasury Holdings: Average of $24.6m, peaking at $31m in February
- Runway Projection: Current runway is estimated at 34 months at the end of March for total treasury (including Altcoins), while current runway is estimated at 27 months at the end of March for GTC and Stables only
- Major One-Time Costs: ETH Denver 2025 expenses across February and March
----------------------------------------------------------------------------------------------------------------------
Treasury Overview
Q1 Treasury Holdings by USD Value
Q1 Treasury Holdings by Token Balance
----------------------------------------------------------------------------------------------------------------------
Breakdown by Business Unit / Workstream
*formerly Ecosystem Collective
Notable excess expenditure:
DAO:
- Came in ~$113k under budget in January, primarily due to a planned $100k token grant that was not disbursed.
- February and March saw modest overages in software, travel, and miscellaneous expenses.
- Overall tracking under budget for the quarter due to the significant January underspend.
Foundation:
- January was $49k over budget, driven by unbudgeted legal costs ($27k) and excess software and subscription spending ($19k). These payments were annual fees and are not expected to be over budget again for the next quarter.
- March saw a sharp $74k overspend, largely due to vesting contract obligations (~$71k).
- February underspending (~$35k) helped offset some of the variance across the quarter.
Grants Lab:
- Consistent overspending across all three months, totaling ~$74k above budget for the quarter.
- ETH Denver-related travel and event costs contributed to nearly $60k in overages across February and March.
Each Business Unit/Workstream’s budget vs actuals can be visualized as follows:
----------------------------------------------------------------------------------------------------------------------
Estimated Total Runway
At the end of March 2025, Gitcoin DAO’s treasury remains well-positioned to sustain operations, with a projected runway of 34 months based on the full asset base - including GTC, stablecoins, and altcoins - at current expenditure rates. Using a more conservative measure that excludes altcoins and considers only GTC and stablecoins, the runway is estimated at 27 months. These figures highlight the DAO’s solid financial footing and flexibility. As treasury management continues to be optimized and operational efficiencies are realized, Gitcoin DAO remains confident in its ability to further extend its runway and maintain long-term sustainability.
Both of these scenarios are mapped out below:
----------------------------------------------------------------------------------------------------------------------
Conclusion
Q1 2025 marked a disciplined and focused start to the fiscal year, with most business units operating within or near budget despite a few notable deviations. The DAO underspent significantly in January due to a planned token grant that was not executed, which helped offset modest overages in subsequent months. The Foundation experienced front-loaded legal and software costs in January and a vesting-related spike in March, though this was partially balanced by February’s underspending. Grants Lab saw consistent budget pressure across the quarter, primarily driven by ETH Denver-related travel and event expenses in February and March.
Overall, the quarter reflected a normalization of spending patterns following Q4’s heightened activity, with ongoing attention to financial discipline and accountability across all units. Gitcoin DAO remains well-positioned to navigate the year ahead with a strong foundation of strategic cost management.