Optimism Sells $89M OP Tokens in Private Transaction
The tokens were sold to an undisclosed buyer and will be vested for two years.
Mar 8, 2024 at 8:53 a.m. UTC
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- Optimism Foundation sold about 19.5 million OP tokens to an unidentified buyer.
- The tokens come from the unallocated portion of the OP Token treasury that was set aside for working capital.
Optimism Foundation said on Friday that it had entered into a private token sale of approximately 19.5 million OP tokens, worth nearly $90 million at current prices, to an undisclosed buyer.
The foundation is one of the maintainers and developers of the Optimism network, a blockchain that runs and settles transactions on Ethereum.
The sold tokens are subject to a two-year lockup. However, the buyer can delegate the tokens to unaffiliated third parties for participation in governance decisions, giving the same benefits as an unvested holder.
The tokens come from the unallocated portion of the OP Token treasury and are part of the foundation’s original working budget of 30% of the initial OP token supply. As of Friday, OP had a circulating supply of 1 billion tokens and a total supply of 4.29 billion.
OP prices were down 0.4% in the past 24 hours, The CoinDesk 20, a broad-based liquid index of various tokens, is up 2.59%.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.