Venture capital firm a16z Crypto has completed the liquidation of its entire holding of COMP, the governance token for the Compound protocol. The firm transferred its remaining balance of 400,000 COMP tokens to institutional trading platform Coinbase Prime today. The transaction value was approximately $16.48 million based on prevailing market prices.
This move marks the final exit for a16z Crypto from its position in COMP. The firm had managed a significant portfolio of the token following its early-stage investment in the Compound lending protocol.
The large transfer was verified by blockchain monitoring group EmberCN. Divestments of this scale can occasionally influence near-term token price action and are closely watched as indicators of major institutional movement within the crypto market.