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Home»ADOPTION NEWS»Optimism Foundation sells $89 million worth of OP tokens in private sale
ADOPTION NEWS

Optimism Foundation sells $89 million worth of OP tokens in private sale

By Crypto FlexsMarch 8, 20243 Mins Read
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Optimism Foundation sells  million worth of OP tokens in private sale
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Special Offer • March 8, 2024 1:36 AM EST

Posted 1 minute ago In ~

optimism OP

+2.45%
The Foundation, which backs Ethereum Layer 2 project Optimism, said it is privately selling about 19.5 million governance tokens. Current price.

Terms of the private sale and the identity of the buyer were not disclosed.

According to the official announcement, the tokens will be subject to a two-year lock-up period, but buyers will be able to delegate their tokens to unaffiliated third parties for governance voting. “Optimism has launched a private token sale of approximately 19.5 million OP tokens,” said an announcement posted on Optimism’s governance forum.

The project claims that “the tokens come from the unallocated portion of the OP token treasury and are part of the foundation’s original working budget equal to 30% of the initial OP token supply.”

Optimism also announced that several transactions related to private sales will occur in the future.

This is not the first time the foundation has announced a private token sale. In September 2023, 116 million OP tokens were sold, valued at over $160 million at the time.

‘It tastes awful’

News of the latest OP private sale was not universally well-received by the wider Ethereum community.

Anthony Sassano, founder of Daily Gwei shared His opinion on

Another sarcastic X user assert: “If it’s a private sale, it’s not dumping, right?”

Despite some unfavorable comments, the price of Optimism’s OP token is up nearly 3% in the past 24 hours, according to price data from The Block.

OP token price chart | the block


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and was the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).

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