Dunno why everybody, while discussing PCV diversification, is starting with some random crypto asset allocations or particular investment ideas and not with investment policy, risk management etc., some general principles. Stress test scenarios should be modeled and simulations should be run. PCV optimisation model under certain risk measure should be built. Guys, PCV is the size of a hedge fund and is essentially akin to Foreign exchange reserves of a Central Bank. If Fei is meant to be the Central Bank for DeFi, let’s treat this matter more rigorously.
At the moment PCV = $990M. Nothing has even started yet, and if Fei project succeeds, within several years Tribe PCV will become one of the largest investment vehicles in the world. DeFI TVL went from $1B to $52B in less than a year. During the same year market cap of Tether went from $6B to $44B, USDC’s MC — from $700M to $10B and total crypto MC — from $190B to $2T.
Just to put things into perspective: a16z has $16.6B assets under management, including $865M in crypto funds , the largest hedge fund in the world Bridgewater Associates — $140B , and world’s biggest sovereign wealth fund of Norway — $1.3T 
Clearly, Tribe PCV is no joke and a policy to invest only in ETH, or some random number of coins is in fact a surrogate in the absence of policy. This portfolio should be structured and managed seriously in the interest of long-term sustainability of the DAO.
I think one of the first grants should go for devising an investment mandate for the PCV and implementing it in a set of smart contracts. It should stipulate permitted crypto asset classes (BTC, L1 tokens, stable coins etc), designate certain rules and limits for investment decision making, as well as respective asset allocations: the portfolio should combine asset classes in such a way as to provide the highest expected return for a given level of risk, subject to fundamental diversification and liquidity constraints. Also, I believe that a group of investment stewards from the community should be designated with a mandate to research crypto market and suggest investment decisions for Tribe’s consideration.
Some experimental steps can also be taken, such as creating Tribe’s VC arm (or a set of small VC crypto funds). Mind you that Polychain’s original fund had $10M at the begining. 
Tribe PCV could become a huge driving force for the whole endeavour. Apart from guaranteeing Fei’s stability, proceeds can fund Fei Lab’s R&D and grants, as well as can be used for the benefit of Tribe holders in the form of dividends or buybacks, which will drive market’s interest to the token.