I love this Von, thank you.
I have a few thoughts I’d like to contribute.
I agree with the core of this proposal very much. We need to diversify the treasury. It’s true that if BTC fails, chances are everything fails but the same could be said for ETH, which is a productive asset, actually correlated with BTC, that would generate real yield for the treasury.
We can earn yield on APE too, making our treasury holdings productive assets as well (while rarely selling some when a call gets exercised ITM), specifically this proposal: AIP-389: Innovative Treasury Strategy: Generating Revenue through Covered Call Lending | would do just that. (If it ever made it through the Admin Review trenches)
Its worth pointing out that there will always be a market impact, OTC sale or otherwise. The buyer on the other side of any OTC deal would likely be a market maker looking to TWAP away their inventory risk anyway. This proposal simply passing allows speculators to front run the future sale by the DAO, however a covered call strategy would create the best of both worlds allowing us to earn revenue up until the final point of an OTC sale at a price we all agree is “better than today’s price” if we just OTC’d the lot.
If we approved these 2 proposals we would have:
- APE Revenue from sequencer fees on ApeChain (because gas is APE)
- ETH revenue from staking ETH
- USDC revenue from selling covered calls / APE
I think this would be a reasonable start towards productive treasury management in a risk adjusted way, now if only we could manage those pesky Coinbase fees!
tldr; I agree, but please buy ETH and stake it instead of holding BTC on Coinbase and having to pay even more custody fees. 
(we currently pay $388,000 per month for Coinbase custody, but I hear we’re going to transition to onchain governance so hopefully these are temporary costs as we would have a smart contract house the treasury onchain)