What Optimism disclosed

An Optimism Collective representative posted the fourth execution update on the project’s governance forum on 12 November. According to the official buyback communication thread, 4,937,457 OP was purchased using 241.4 ETH and the proceeds were settled to the disclosed wallet 0x36c4E68daA1c58dbe2f593528fdDC667EdF633DA.

The update says the fourth purchase was funded by revenue accumulated since April 2026. It reports 14,389,381 OP bought back cumulatively. NetNapz has treated these figures as programme disclosures from Optimism’s governance forum; they are not independent market-volume estimates.

How the cumulative figure was built

The same thread records three earlier executions. The first used 95.8 ETH to purchase 1,574,817 OP from January revenue. The second and third purchases used a combined 418.065 ETH to acquire 7,877,107 OP from February and March revenue. Those executions brought the reported total to 9,451,924 OP before the latest purchase.

Adding the fourth disclosed amount produces the stated cumulative total of 14,389,381 OP. Across the four reported executions, Optimism has disclosed 755.265 ETH used for purchases. That ETH total is an arithmetic sum of the programme’s published figures, not a valuation of the OP currently held or a measure of profit and loss.

The programme and its temporary OTC structure

The community approved the underlying proposal in January. Optimism’s official proposal record states that the vote passed. The communication thread says the programme authorises 50% of revenue generated in 2026 to be used to buy back OP.

Optimism also described over-the-counter execution as temporary, with an intended transition to fully on-chain execution. The forum record is the authoritative source for whether that implementation has changed; the fourth update itself reports the purchase and destination wallet but does not announce a completed transition.

Purchase does not mean burn

A buyback reduces the amount held by sellers and transfers tokens to the disclosed programme wallet, but it does not automatically remove tokens from supply. A burn would require a separate verifiable action that renders the tokens unspendable or otherwise permanently cancels them. The 12 November update says OP was purchased and settled to a wallet; it does not say the tokens were burned.

That distinction matters for token-supply analysis. Traders should not treat the 14.39 million OP figure as a reduction in total supply unless Optimism later documents a separate disposal or cancellation mechanism.

NetNapz assessment

The fourth disclosure closes a long gap after the combined second-and-third update in August and gives the market a new cumulative execution figure. It also improves the audit trail by naming the OP amount, ETH spent and receiving wallet. The programme still leaves investors with two questions to monitor: how regularly future purchases will be reported, and when the temporary OTC process will move on-chain.

The buyback may alter treasury composition and create programme demand for OP, but the governance disclosure alone does not establish a durable effect on OP’s market price. Price impact depends on execution terms, liquidity, broader crypto conditions and what happens to the purchased tokens after settlement.

Sources checked

• Optimism Collective — Buyback Communication Thread, including the 12 November 2026 execution update and earlier disclosed purchases.
• Optimism Collective — Proposal to Align the OP Token with Superchain Success, official record confirming the proposal passed.