[Exclusive] Story (IP) delays investor and team lockup expiry by six months… “Rebuilding growth momentum”

Key VCs including a16z and Polychain agree

"Preserving business momentum amid upcoming AI milestones"

"Strategic adjustment ahead of key milestones such as collaboration with a major AI company"

Story (Story·IP), a blockchain-based intellectual property (IP) project, has postponed by six months the scheduled expiry of lockups (vesting restrictions) for early investors and the team, which had been set for next month. The move is aimed at minimizing recurring market volatility ahead of token unlocks and focusing on strengthening business fundamentals.

According to materials obtained exclusively by Blomingbit on the 30th, Story developer Pen Technology Inc. recently emailed major investors saying it will push back the lockup expiry for early-investor allocations by six months—from February to August. The Story team's lockup expiry will be deferred by the same amount as well.

Under the original timeline, token lockups for early investors and the team were set to expire starting on the 13th of next month. Typically, a lockup expiry is interpreted as negative news because it increases the amount of tokens that can be sold, potentially weighing on prices. With this decision, however, the near-term overhang risk from large-scale selling that had been feared from next month is expected to be alleviated for the time being.

In the email to investors, Pen Technology's board cited "predictable selling behavior that repeatedly appears ahead of token unlocks and unnecessary downward price pressure" as the rationale. The intent is to preempt market practices in which selling accelerates ahead of an unlock on concerns about rising supply.

Recently, Story saw sharp gains as attention grew around its project narrative combining artificial intelligence (AI) and IP. On Upbit, a major South Korean crypto exchange, it surged about 75% over three days starting on the 11th. The rally is seen as having been supported by reduced token inflation following the announcement of a new Story Improvement Proposal (SIP), as well as news that Story co-founder Seungyoon Lee attended the Davos Forum and the Saudi Joy Awards. Since then, however, it has given back most of the gains as profit-taking coincided with concerns that the unlock for early investors and the team was approaching.

The board said that by delaying the unlock, the project can focus on fundamentals—such as boosting revenue and validating product–market fit (PMF)—instead of being swept up in near-term market turmoil. "Six months is enough time to execute key priorities and rebuild growth momentum, and we will advance the project on a firmer foundation," it said. In effect, the company is choosing medium- to long-term health over short-term liquidity.

It was confirmed that major venture capital (VC) firms including lead investor Andreessen Horowitz (a16z) and Polychain Capital agreed to the extension. The move suggests key investors are aligned on growing value even if it means delaying the timing of potential monetization.

One source said, "With Story set to deliver key business milestones in the third quarter, including collaboration with a major AI company, this reflects a board-level judgment to prioritize realizing structural value over short-term liquidity events."

Under the revised schedule, investors will receive the release of one quarter of their holdings at 18 months post-TGE, with the remainder distributed in equal monthly installments through month 42.

To implement the change, the company asked investors to sign a Fund Forwarder smart contract so that tokens in existing wallets are automatically transferred to new wallets with the updated lockup schedule applied.

Meanwhile, the Story Foundation said regarding the decision, "We cannot confirm changes to the lockup schedule or related matters."