Context

Simultaneous weakness in the ETH and NFT markets has driven a coincident decline in the price of $PRINTS due to its relatively high correlation with both asset classes. The valuation of the token has declined back to the level at which it was offered during Fingerprints’ last fundraising round.

This provides us a unique (and temporary) opportunity to acquire a position in $PRINTS at a favorable valuation. There are multiple compelling benefits to executing this proposal:

• as it stands, Fingerprints has a sizable stake in RAW but RAW has no stake in Fingerprints. This program will address this missing bond between the DAOs, aligning incentives and creating an environment for mutually beneficial outcomes
• with a stronger bond, the DAOs can cooperate in many unanticipated ways, such as with talent exchange programs and financial aid
• this will reduce the risk of future competition for resources between the DAOs
• acquiring $PRINTS will give RAW a voice in Fingerprints' dialogue
• owning $PRINTS tokens will allow our DAO to benefit from Fingerprints' value creation
• fear in the market has created a unique opportunity to acquire tokens at a discount — at these levels we’d be buying at ~1.0x treasury NAV, paying effectively no premium for the growth trajectory of Fingerprints. These opportunities are rare and don’t usually last long
• Fingerprints plans to incubate additional DAOs in the future — ownership of $PRINTS will give us diversified exposure to a group of high quality DAOs

Proposal

Up to 80 ETH from the DAO’s treasury (~12% of total ETH holdings as of 1/15/2022) shall be used to acquire $PRINTS from the market:

1. 80 ETH will be transferred from the RAW Treasury to the RAW Finance Vault
2. the Finance Vault signers will be authorized to experiment with various options for enacting the token purchase, including (but not limited to) executing a “limit buy” on Uniswap v3 or participating in OTC transactions.
   • alternatively, at the discretion of the Finance Vault Signers, the ETH could be transferred directly to Fingerprints, and execution of token purchases could be delegated to them to be done in conjunction with their own proposed token repurchase.
3. maximum price paid for tokens will be 0.0025 ETH/PRINTS
4. any ETH not used within 8 weeks from transfer will be returned to the RAW Treasury and this acquisition program will cease
5. $PRINTS tokens purchased under this program will be transferred to the RAW Treasury once all purchases are complete

Closing Remarks

We should execute this proposal quickly, while market conditions are favorable. This is a temporary opportunity that could provide significant value both in terms of potential return on investment, but even more importantly creates an even closer relationship between RAW and Fingerprints, one of the most well-regarded and efficiently operated organizations in the space.