A Giant Company With $400 Million in Cryptocurrency Made a Massive Sale of This Altcoin

One of the largest crypto venture capitalists, a16z, has moved a large amount of tokens from an altcoin to a centralized exchange, likely for sale, according to onchain data.

Onchain data showed that crypto wallets linked to a16z moved 300,000 Compound (COMP) tokens worth $13.75 million to crypto exchange Coinbase Prime.

As one of Compound’s leading investors, a16z was an early investor and received 1 million COMP, or 10% of the total supply, in March 2020. Following the latest transfer, a16z currently holds 500,000 COMP tokens worth $22.9 million.

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Interestingly, when a16z’s entire cryptocurrency holdings are examined, they have a total balance of $451 million. $428 million of this is in the Uniswap (UNI) token. Another notable cryptocurrency asset is Optimism (OP), worth $10.52 million.

They also have a modest investment of only $13,000 on the Ethereum side.

*This is not investment advice.

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