Aragon Association to dissolve itself, provide liquidity for ANT redemption

Quick Take

  • The Swiss non-profit Aragon Association will dissolve itself and offer ANT redemption liquidity through its treasury of 86,343 ETH. 
  • The move comes after Aragon DAO members expressed frustration over transparency and governance of the ETH treasury. 

The Swiss non-profit Aragon Association will dissolve itself and let users redeem its native token ANT for ETH. 

The Aragon Association will liquidate its 86,343 ETH ($155 million) treasury so that users can redeem each ANT token for 0.0025376 ETH, the project wrote in a Thursday statement. Users will have until Nov. 2, 2024 to swap their tokens. After redemption, all ANT tokens will be burned, as "from this moment forward, there is no purpose in continuing to hold ANT."

"The AA arrived at the best redemption rate it could achieve for all ANT holders by identifying the most compliant and tax efficient path forward allowing for the continuation and protection of the project. This decision could not be put to a public vote due to legal constraints, specifically regulatory risks triggered by token speculation and market manipulation," the Aragon Association wrote. 

The Aragon Association will keep $11 million in funds to cover outstanding costs required for its dissolution and to hedge against regulatory uncertainty. Should unused funds exist after the dissolution, they will fund the "new product-focused structure." 


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Months of frustration

Aragon DAO members considered legal action against the Aragon Association regarding disagreements with the ETH treasury and the non-profit's transparency. The Aragon Association had promised to put the treasury under a voting DAO by November 2022 but failed to do so. 

Aragon Association is the legal steward of the Aragon project, a platform aiding the development and management of decentralized autonomous organizations.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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