A January 2026 Zoom call between BlockDAG CEO Nic van den Bergh, founder Gurhan Kiziloz, and investor representatives Mohamed Adam and Reid Davis revealed new details about the BlockDAG presale, treasury, and spending.
Davis said BlockDAG has raised around $190M and not $440M as in the marketing materials. Adam repeated the figure and asked how much money was left. Neither van den Bergh nor Kiziloz confirmed or denied it. Kiziloz replied funds moved through several wallets and said a full audit could happen after launch.
When Adam asked about the treasury, Kiziloz said around $32M would remain. Earlier, the team also said $32M was planned for liquidity, but they did not clarify if the remaining amount included it. Either way, it suggests only a limited share of presale funds was expected to remain.
The gap matters because BlockDAG marketing still showed more than $440M raised. DLNews also reported van den Bergh privately said the project had raised only “more than $200M,” far below the public number.
Kiziloz also said BlockDAG spent about $100M on marketing, with daily costs up to $250K on Meta and Google campaigns. That level of marketing spend is unusually high for a crypto presale and raises questions about how funds were used. It also raises conflict-of-interest concerns because Kiziloz controls both the BlockDAG project and the marketing company running the campaigns.
The call also showed the treasury was under Kiziloz’s company’s control. The team said they had no CFO yet and that a public liquidity wallet and third-party audit would come after launch, not before.
Adam and Davis pushed for multisig wallets, proof of funds, and earlier audits. Kiziloz replied BlockDAG was a privately held company that had run an ICO and said those steps would happen later.
They also disagreed about the product. Kiziloz said the mainnet was ready and could launch soon. Adam said nodes were unstable and miners had not been delivered and argued launch should wait.
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