ARB investor and team token unlocks are nearing completion, with the remaining unreleased tokens accounting for about 7.7% of total supply and scheduled to unlock fully next March. Arbitrum co-founder Steven Goldfeder said market data often incorrectly counts Arbitrum DAO treasury holdings as locked supply. The DAO holds about 2.84 billion ARB, but those tokens are controlled by ARB holders through governance votes rather than being locked in the traditional sense.