“We are planning to work with other tokenholders to propose that Aragon continue the buybacks to return ANT to book value,” wrote researcher Alex Woodard in theThe open letter escalated a fight already being waged between Aragon, a crypto governance project building tools for decentralized autonomous organizations , and a tight-knit group of activist investors critical of project leadership and demanding they give disenchanted investors an exit ramp.
“There is no doubt that community management and governance are hard, but selectively removing the voices of the few tokenholders who want to engage strikes me as a massive step in the wrong direction,” Woodard wrote in the letter. Arca’s vow to work with “other tokenholders” could add fuel and momentum to the activist effort. Arca is a major crypto hedge fund with $200 million under management at the end of last year and it has not shied away from governance debates in the past.