> ## Documentation Index > Fetch the complete documentation index at: https://docs.cashmere.exchange/llms.txt > Use this file to discover all available pages before exploring further. # The treasury > What the book holds, what floor buybacks are for, and what backing does and does not mean. ## What it holds The Goat Strategy treasury is not a cash balance. Every dollar routed into it is deployed as liquidity in pools of tokenized equities and ETH that settle natively on Robinhood Chain — the same assets holders can choose to be paid in. So the collection stands behind something concrete. A goat is a claim on a share of revenue, and the operation producing that revenue is a book of equity positions rather than a promise about future products. The book is held in STONKBROKER, SPY, MU, NVDA and ETH pairs. Its value moves with those assets, not with the price of the collection. Every position earns trading fees while it sits there, and all of that income is routed back to activated holders. What the positions themselves gain or lose stays here. ## Floor buybacks The treasury also bids for goats on the secondary market. The reason is mechanical rather than promotional. Every distribution is split by weight, so a goat the treasury buys and holds is weight that either sits out of the distribution or returns its share to the treasury — and the goats bought are the cheapest ones on the market, which is the same as saying the buying happens where it firms the floor most. Buybacks are funded from the treasury's **principal and the capital gains on its positions** — the part of the return that moves with the equities. They do not touch the trading fees, which go to holders in full. This is the same line drawn everywhere else in Goat Strategy: fee income is holders', capital P\&L is the treasury's. Because capital P\&L moves both ways, buyback capacity is not a fixed budget — a book that has appreciated can bid more, and one that has not, less. ## What backing means here **A goat is not a share of the treasury.** Holding one gives you no equity, no shareholder rights, no redemption right, and no legal or contractual claim on the treasury, on the positions it holds, or on anything they earn. The treasury is not segregated for holders, is not held on trust, and can be spent on anything the team decides to spend it on. What is true is narrower and worth stating plainly: the operation that generates the revenue holders are paid from is an equity-backed liquidity book, that book is published and verifiable, and the policy is to return its fee income in full. That is a description of how the thing is run, not an instrument. See [Terms](/goat-street/terms). ## Where to look The full book — every position, its range, its fee income, and how it has performed against simply holding — is at [app.cashmere.exchange/goat-strategy](https://app.cashmere.exchange/goat-strategy). The treasury address is shown at the top of that page, and the positions are ordinary Uniswap NFTs, readable by anyone.