My understanding of how this works is the sale terms will be offered to investors based on 1) comparable sales by other protocols (Badger, etc) and 2) negotiations by the BD team. The sale terms will then be extended to all Gold, Silver and Bronze owls which is basically everyone in the community who has contributed to building Index Coop. How would you make this more egalitarian? Literally every contributor has an opportunity to participate on the same or better terms.
Concerns over centralisation come from community not owning much of the voting power. This sale would actually partially address this. Bringing in other token holders, that are not currently involved, will also diversify the token holder structure.
I would argue that the goal of Treasury management is not timing the market. We all know that crypto markets are often irrational. We can bring as many awesome products to market as we want, but if the broader market sells off, INDEX will sell-off with it. We should proceed with diversifying the Treasury as planned, with INDEX price being a secondary consideration.