Ethereum layer-2 scaling solution Optimism (OP) has disclosed plans to sell 116 million OP tokens to seven private buyers for treasury management purposes
At current prices, the sale will see $159 million worth of OP tokens change hands.
While some observers feared the sale would bring about depressed prices from Optimism “dumping” its tokens on the market, it seems unlikely that the sale of the tokens will have any material impact on the price of OP, due to the sale being private.
Additionally, the tokens are being sourced from the unallocated portion of the OP token treasury — meaning that they are not part of the circulating supply.
Optimism (OP) token price over the past 30 days. Source: CoinGeckoAs explained on the Optimism website, the tokens are subject to a two-year lock up period, meaning that buyers are unable to sell them on secondary markets.