Gitcoin DAO: Q3 2026 Budget Report
Q3 | July to September 2026 | Prepared By Hashbasis Accounting & MathildaDV (Chief of Staff)
TL;DR
The DAO closed Q3 2026 with total operating expenditure of $539,561 against the elevated Second Tranche budget of $647,159, an underspend of $107,598 (-16.6%). Spend nearly doubled quarter-over-quarter (Q2: $310,502) — by design. Q3 was the launch-build quarter the Second Tranche was raised to fund.
Note on basis: this report is prepared on an accrual basis from the DAO’s QuickBooks general ledger (expenses recognized in the month services were provided, not when paid). Prior quarterly reports were compiled on a cash basis from wallet outflows, so individual months may shift slightly between reports; quarter totals are materially consistent.
Executive Summary
Q3 was the launch quarter the budget was rebuilt for. The Second Tranche Budget Request was elevated specifically to fund an all-in product build and multi-city launch, and the quarter’s spending followed that shape: consultant-led engineering, product, and brand work ran above plan for the third consecutive quarter (+$49,058 / +19.0%), while Growth & Brand & Acquisition remained under budget.
Q3 Budget vs. Actuals: Full Breakdown
Monthly Trajectory (for context)
The August peak reflects concentrated launch-preparation work (consultant engineering and brand production, the field visit, and the $30K Scopelift governance engagement), and a few other administrative costs; July and September ran under plan.
Line Item Commentary
Headcount: $213,812 actual vs $236,585 budget (-$22,773 / -9.6%)
Headcount averaged 71k/month across the quarter, while the budget anticipated a step up, including a BD/Sales hire and a field operator.
Other Consultants: $208,043 actual vs $257,850 budget (-$49,807 / -19.3%)
Under plan. Unlike Q2, this line is now explicitly budgeted for, and spend came in about $50k below that allocation. The build continued through contractors: strategy and product direction, legal counsel supporting the launch and entity path, brand and site production, engineering, and recruiting support. Spend was concentrated in August as launch-preparation work peaked.
Software & Subscriptions: $19,895 actual vs $17,724 budget (+$2,171 / +12.2%)
Slightly over plan. The August step-up includes security tooling (ChainPatrol) and infrastructure brought on around the launch, on top of the steady subscription base.
Travel, Lodging & Meals: $10,090 actual vs $10,000 budget (+$90 / +0.9%)
On plan. Essentially all of it lands in August around the on-the-ground work — the first travel spend since Q1, and consistent with a local-first product that requires field presence.
General & Administrative: $31,211 actual vs $55,000 budget (-$23,789 / -43.3%)
The $30,000 Scopelift engagement (continued governance platform security work following the Q2 upgrade) landed as planned. The remainder of the budgeted allocation — primarily legal/administrative costs are scoped within “other consultants”. Small balances here include Rain card fees ($1,001) and education ($210).
Growth & Brand & Acquisition: $56,510 actual vs $70,000 budget (-$13,490 / -19.3%)
Under plan, mostly on timing. The launch-phase acquisition allocation was largely deployed, but on a different schedule than budgeted: $38,500 landed in July, ahead of the planned August start, followed by $1,000 in August (budget $25,000) and $17,010 in September (budget $45,000).
Treasury Snapshot
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Total crypto holdings at 9/30/2026: $19.46M at fair value, up from $16.18M at 6/30 — a +$4.01M unrealized fair-value gain in Q3 (ETH/WETH-led recovery) net of operating outflows.
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Of that, the Matching Pool holds $12.59M and the operating treasury $6.87M
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The two-fund posture (treasury vs. matching pool) is unchanged: all operating expenses were paid from treasury wallets; the matching pool’s only outflow was the $25,000 GG24 payment.
Q4 Outlook and Forward View
Q4 is a pivotal quarter for the organization. The focus is on completing the legal refactoring, including the formation of a new legal entity, and launching the Techne brand. We expect spending to stay within the range set out in the budget, with a concentrated push toward our 2026 goals before year end.
A full Q4 budget report will be published at the close of the period.