Bonk DAO to Invest $500,000 in Solana-Based Startup Fund

According to CoinDesk, Bonk DAO, a 12-person council managing $124 million worth of BONK tokens, plans to invest $500,000 of its treasury in an early-stage startup fund supporting projects built on Solana. The decision follows a recently concluded governance vote. The fund is being organized by Colosseum, a newly launched startup accelerator that will host hackathons to generate new projects for the Solana ecosystem. The Solana Foundation recently transferred this responsibility to Colosseum, which is led by its former head of growth, Matty Taylor. BONK DAO was established in 2022 when the creators of the BONK meme coin allocated over 15% of all BONK tokens to the group for management and community project funding. The Cayman-based entity remains the largest holder of BONK tokens, with over 12% of the meme coin's total supply. Since its inception, the group has voted to allocate BONK to hackathon sponsorships, liquidity pools, and DeFi partners across Solana. The investment in Colosseum marks its first venture check, according to its governance page. The vote to fund Colosseum passed with eight in favor and none against the proposal to invest in the 'Ycombinator for SOL.' A separate, ongoing vote proposes converting BONK into USDC through a month-long trading partnership with market-maker STS Digital.