Optimism sold $90 million worth of tokens in a private transaction.

The Optimism Foundation, the entity behind Ethereum layer 2 blockchain Optimism, has completed a private sale of approximately 19.5 million of its governance tokens. The sale, valued at approximately $90 million based on the current market price of the Optimism (OP) token at $4.62, includes a two-year vesting period for buyers, during which tokens cannot be sold.

Governance token with vesting period

During the vesting period, buyers can use tokens for governance participation, but cannot sell them. Tokens were sourced from an unallocated portion of the OP Token Treasury, comprising 30% of the initial OP Token supply, which was part of the organization’s original working budget.

transparency issues

There were concerns about transparency within the community as the private sale and details of the buyer were not disclosed, but Optimism assured users that this was a planned deal. Ethereum advocate Anthony Sassano expressed reservations about a private sale without transparency, while others defended the foundation, noting that the team needs to generate revenue.

Previous Token Sale

This is not the first time Optimism has sold tokens privately. In September 2023, the network transferred 116 million OP tokens, worth approximately $160 million at the time, following a private sale. Despite concerns that the sale could have a negative impact on the price, the tokens were locked up for two years, mitigating any immediate price impact.