# Treasury: convert WBTC -> tBTC + accumulate NEAR

This proposal, if approved, will move the Treasury's entire WBTC and aWBTC (note WBTC is no longer an active market on Hydration) holdings to the Intergalactic Limited multisig `12TyzL1tMod3jm2NvQd5egHDbn2TRdbQTUBEUJ25p6yW31xK` and record an on-chain remark from the Treasury stating how they are to be handled.

Execution will, as the Treasury:

- withdraw all aWBTC (about `5.004` aWBTC) from the money market into WBTC
- transfer the full WBTC balance (about `10.569` WBTC, about `$864k`) to the multisig

The remark requests IGL to convert the WBTC to atBTC and return it to the Treasury, with the exception of `$200k` equivalent, which is to be transferred to the Council multisig `16RJh4z1eUHpC3ntre9H2noKGKxihkSqog9PBt9bRbAnj4RE`. The Council multisig is to DCA that atBTC to HOLLAR and create an OTC order to accumulate `$200k` of NEAR. The NEAR will subsequently be launched for trading in the Omnipool and for borrowing and lending.

The three steps execute as one unit: if the money-market withdrawal cannot complete, nothing is transferred. No other Treasury balance or protocol parameter is affected.

Preimage hash: `0xda11f02a24b47ca3eafdd8f3779c67884aa990334144280e6cee4d6368dc403d`
Track: Treasurer


# Treasury: WBTC to tBTC Conversion and NEAR Accumulation

## Summary

This is a plan to move some of the Treasury's Bitcoin (WBTC) to a new form (tBTC) and to slowly buy NEAR tokens.

## Key Points

- The plan moves all of the Treasury's WBTC (about $864k) to a special wallet called a multisig.
- First, the Treasury takes back its aWBTC (about 5 aWBTC) from the money market and turns it into WBTC.
- Then it sends all WBTC (about 10.569 WBTC) to the multisig.
- Most of the WBTC should be changed into atBTC and sent back to the Treasury.
- $200k of it goes to the Council multisig instead.
- The Council will slowly trade that $200k for HOLLAR and buy $200k of NEAR.
- The new NEAR will then be used for trading and lending.
- All steps happen together: if the first step fails, nothing else happens.
- No other Treasury money or protocol settings are changed.

call

Deciding

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treasurer

Treasury: convert WBTC -> tBTC + accumulate NEAR

root

whitelisted_caller

referendum_canceller

referendum_killer

general_admin

spender

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economic_parameters

Origin able to dispatch a whitelisted call.

 Origin for spending very high amounts of HDX(<= 50M HDX) from the treasury as well as generally administering it.

Origin able to spend up to 2,222,222 HDX from the treasury at once.

Origin able to spend up to 50K HDX from the treasury at once.

Origin able to perform specific Omnipool-related actions.