Q3 2024 Budget Approval

As per SDIP-40, this is a Regular Proposal and has a Quorum to Pass of 50 SD NFTs and a Minimum Participation of 5 voters.

The Treasury Squad is requesting 16,397 USDC to top up the $25k discretionary funds as per SDIP-29.

This request is to top up expenses since the last budget passed in April 2024. The breakdown is as follows:

• IT Tools: 1,670
• Design: 848
• Travel Expenses: 4,389
• Marfa Merch: mugs, raffle tickets, coffee stencils, aprons, barista hats, instant cam, etc: 6,690
• Merch for events & giveaways: 978
• Marketing: video animation, care packages, shipping expenses: 1,622
• SEO Contractor: 200

APPROVE this proposal to allocate this funding to the Treasury Squad

The following data is for reporting purposes on "SDGP-004 Treasury Management 2024".

SDGP-004 Treasury Management 2024: Approved Funds: 1,000,000 USDC. Treasury multi-sig holders authorized to obtain financing up to a debt-to-equity ratio of 10% (at inception) and to swap those funds into Treasury Assets.

Actions taken / Use of funds:

• $1M loan obtained at a 12% prorrata APR with a duration of 1 year. Debt-to-equity ratio at inception below 7%
• Swapped $1.25M for 440 ETH (average price: $2,843)
• Purchased 6 Squiggles for 32.8 ETH. Blacked Out #8361 sent to Permanent Collection. 2 pieces already sold for a 2.35 ETH profit
• Repurchased 275 SD NFTs at an average price of 0.36 ETH