Union Square Ventures transfers $55M in Uniswap tokens to Coinbase Prime
The latest transfer consists of 578,000 UNI
Venture capital firm Union Square Ventures, led by renowned entrepreneur and blogger Fred Wilson, has moved another batch of Uniswap (UNI) tokens to Coinbase Prime. These tokens were acquired as part of the firm’s 2020 investment in the decentralized exchange.
The latest transfer consists of 578,000 UNI tokens, valued at approximately $8.45 million. Since December 6, Union Square has made multiple transfers, sending a total of 3.511 million UNI tokens to Coinbase Prime, worth about $55 million at an average token price of $15.5.
The wallet linked to Union Square Ventures still holds 10.364 million UNI tokens, with a current value of approximately $150 million. However, given the firm’s systematic approach, it is likely that additional tokens will be moved to Coinbase Prime—a platform tailored for institutional clients and major investors.
A reward for early support
In 2020, Fred Wilson's venture firm joined Andreessen Horowitz, Version One, Parafi Capital, Variant, SV Angel, and A. Capital in Uniswap’s $11 million Series A funding round. The capital was allocated for the development and scaling of Uniswap’s non-custodial trading services.
Now, it appears that the UNI tokens received from the investment may be sold to another major investor as part of portfolio rebalancing. This news has added to the volatility of UNI, already influenced by broader market factors.
Over the past week, Uniswap’s token price has dropped by 13%, currently trading at $14.1. However, UNI remains up 29% for the month.
Uniswap (UNI) is navigating heightened market activity as institutional investors strategically offload large volumes of UNI tokens. Over the past three days, significant deposits have been made to multiple exchanges, signaling profit-taking moves during a volatile market phase.
