Optimism Foundation Begins Selling $89M in OP Tokens to Private Buyer

Optimism Foundation, the non-profit organization developing the layer-2 Optimism network, announced that it is selling 19.5 million OP tokens (worth $89 million) to a private buyer. This would be the second time a private sale occurred within the layer-2 blockchain.

$89M Sold to Private Investor

According to a community update from the Optimism Foundation, the tokens sold to the private investor came from the unallocated portion of the tokens within the OP Token Treasury. The tokens are also part of the Foundation’s 30% allocation of the OP total supply as a working budget.

The purchased tokens are also subject to a two-year lockup. During this period, the buyer can delegate the tokens to “unaffiliated third parties” to partake in governance procedures within the layer-2 network. The Foundation added that the tokens will be transferred to the anonymous buyer in batches over the next few days.

Several Users Frown at the Buyer’s Anonymity

Meanwhile, the identity of the buyer and terms of purchase are undisclosed. The lack of transparency regarding the private investor has sparked mixed feelings among members of the Optimism community. While some users stand on the idea that the private investor’s identity should be revealed, others argue that the anonymity is valid. 

The founder of the Ethereum podcast The Daily Gwei, Anthony Sassano, shared a sentiment similar to those requesting more clarity when he wrote: “Private sales with zero transparency like this just leave a really bad taste in my mouth.”

On the other hand, some claim that the investor deserves privacy. According to a user, the needed detail about the deal has been disclosed; the buyer’s intention to hold the tokens for two years.

This is not the first time such a private sale will occur within the Optimism ecosystem. In September 2023, the Foundation disclosed plans to sell 116 million OP tokens to seven buyers. According to the team, the sale was for “treasury management purposes.”

OP token currently trades at $4.6, a 0.3% decrease in the last 24 hours and a 22.4% increase over the past week. The latest price is notably a 5% drop from its all-time high of $4.84 recorded two days ago.