--- title: "Toto Finance seeks 22 million ADA from Cardano treasury for copper reserve" description: "CoinDesk reported that Toto Finance asked Cardano's community treasury for 22 million ADA, about 5 million dollars, to fund a tokenized copper reserve, with voting closing on the fifteenth of November. The proposal assumes copper bought at 6.73 dollars a pound would need to rise about 49.4% to…" language: en canonical: "https://whycoinmoves.com/en/events/cardano-cardano-holders-are-being-asked-895056b440a410" published: 2026-10-23T04:43:39.000Z updated: 2026-10-23T05:45:02.000Z indexable: false --- # Toto Finance seeks 22 million ADA from Cardano treasury for copper reserve CoinDesk reported that Toto Finance asked Cardano's community treasury for 22 million ADA, about 5 million dollars, to fund a tokenized copper reserve, with voting closing on the fifteenth of November. The proposal assumes copper bought at 6.73 dollars a pound would need to rise about 49.4% to… Attributed sources: [CoinDesk]() ## Key facts CoinDesk reported that Toto Finance asked Cardano's community treasury for 22 million ADA, about 5 million dollars, to fund a tokenized copper reserve, with voting closing on the fifteenth of November. The proposal assumes copper bought at 6.73 dollars a pound would need to rise about 49.4% to recover the withdrawal, and Toto founder Monty Metzger told CoinDesk the company takes no profit from the proposal. Evidence strength: Single source, 1 publisher group(s) (CoinDesk); this describes source coverage, not truth or causation. After site detection, observed returns were 5 minutes: -0.04% (difference from BTC +0.01 pp; 23/10/2026, 04:43 → 23/10/2026, 04:48, UTC; Gate · USDT); 1 hour: +0.86% (difference from BTC +0.73 pp; 23/10/2026, 04:43 → 23/10/2026, 05:43, UTC; Gate · USDT). Unlisted windows are unavailable. In the preceding 30 days, the 99th percentile of absolute hourly returns was 3.01% (OKX · USDT; cutoff 23/10/2026, 04:43, UTC). This hourly baseline is not directly comparable with a minute move. ## Returns after site detection | Window | Return | BTC | Difference from BTC | Actual sampled interval (UTC) | Source | | --- | --- | --- | --- | --- | --- | | 5 minutes | -0.04% | -0.05% | +0.01 pp | 23/10/2026, 04:43 → 23/10/2026, 04:48 | Gate · USDT | | 1 hour | +0.86% | +0.14% | +0.73 pp | 23/10/2026, 04:43 → 23/10/2026, 05:43 | Gate · USDT | | 24 hours | — | — | — | — | — | ## Historical hourly baseline | Metric | Value | | --- | --- | | Ready | true | | Coverage | 100.0% (720/720) | | Median absolute hourly return | 0.44% | | 99th percentile of absolute hourly returns | 3.01% | | BTC beta | 1.98 | | Source / cutoff (UTC) | OKX · USDT / 23/10/2026, 04:43 | ## Claims and open questions - CoinDesk reported that Toto Finance wants 22 million ADA, about 5 million dollars, to buy exchange-grade copper stored in a COMEX-approved warehouse near New Orleans, with a token called CuTT representing each verified pound. - Toto founder and chairman Monty Metzger told CoinDesk that copper would need to rise about 49.4% to recover the withdrawal if the full budget is spent and ADA's dollar price stays unchanged, and that Toto takes no profit from the proposal. - CoinDesk reported that the budget allocates 2.64 million ADA to Toto for technology and project management plus a 441,732 ADA execution fee, with up to 278,291 ADA more possible through a margin on storage and insurance invoices. - Whether Cardano's treasury holders will approve the 22 million ADA withdrawal, to be settled by the governance vote closing on the fifteenth of November. - Whether the collateral agent and first-priority security arrangements that Metzger said would protect the treasury are finalized, since he did not name the agent. ## Source evidence - [Cardano holders are being asked to bet $5 million on copper hitting a new record]() — CoinDesk; published 23/10/2026, 04:36; received 23/10/2026, 04:43 (UTC). ## Recent ADA events and market reactions - [Why did ADA drop 1.60% in 5 minutes? Evidence check: Cardano falls in a market-wide move as most tracked coins decline · 2026-10-22]() — Received 22/10/2026, 16:51 (UTC) · Cause unresolved · Market watch · 5m +0.75% / 1h +1.13% - [Full coin archive]() ## Recent General news events on other coins - [ETH: Ethereum developers postpone Glamsterdam upgrade on Hoodi testnet]() - [STRK: Starknet community backs research into independent post-quantum Layer 1]() - [BTC: Chinese court accepts prosecutors' bid to confiscate Bitcoin seized in UK]() - [General news]() [Methods and limitations]() Publisher count is not independent evidence count. Price changes cannot verify news or prove causation.