In the past nine hours, Union Square Ventures (USV) has transferred 578,000 $UNI tokens, worth about $8.45 million, to Coinbase Prime.
This transfer is part of a series of moves of Uniswap tokens by USV this month, as Ember Scan reported. On Dec. 19, USV transferred 1.156 million UNI tokens to Coinbase Prime, valued at around $17.34 million. The transfer on Dec. 6, 2024, initiated this trend, as USV started moving UNI tokens from a 2020 investment. Over the past three weeks, USV has transferred a total of 3.511 million UNI tokens, worth an estimated $54.56 million, with an average transfer price of $15.53.
Despite these significant transfers, the USV-linked address still holds 10.364 million UNI tokens, currently worth around $149.66 million at the market price of $14.19.
In 2020, Uniswap raised $11 million in its Series A investment round. Led by Andreessen Horowitz, the round saw participation from major investors including Version One, Parafi Capital, Variant, SV Angel, A. Capital, and USV. The funds were for developing and scaling Uniswap’s non-custodial trading services.
In September 2024, Uniswap Labs faced regulatory scrutiny when the Commodity Futures Trading Commission filed an order against it for enabling illegal digital asset derivatives trading. As part of the settlement, Uniswap Labs paid a $175,000 civil penalty and ceased CEA violations.
USV’s continuous transfer of funds to Coinbase Prime, a service for institutional investors, suggests a strategic plan for liquidation, custodial storage, or portfolio re – allocation of its UNI assets.
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