As part of an ongoing effort to bring transparency and clarity to the [Algorand](http://algorand.com/) project, we are continuing to publish regular transparency statements on our Algorand holdings and activities (we apologize for the delay on the Q1 reporting and our intention is to report on a quarterly basis going forward).

**Entities and financial relationships:**

USV’s has made its investment in Algorand, Inc, and holds its node agreements with the Algorand Foundation, through parallel entities that invest/divest in lock step. As a result of this structure, we maintain a set of Algo accounts for each of our token-holding entities (a cold storage account, an account dedicated to the [staking rewards program](http://algorand.foundation/stakingrewards), and a trading account).

USV has signed node agreements which we believe are identical to those of the other early backers. Our tokens currently vest over a period of [5+ years](https://algorand.foundation/long-term-vesting-plan-vote-result), assuming our nodes are run in good standing. We run a total of 9 nodes.

USV is an investor in other cryptocurrency funds, [as described here](/content/writing/2018/06/investing-in-token-focused-funds/index.html), some of which may have exposure to Algos. At least one USV portfolio company has taken investment from entities in the Algorand ecosystem.

**Transactions:**

To date, USV has not sold any vested Algos, which constitute over 90% of our Algo holdings. We have sold a percentage of our participation rewards Algos (less than 5% of our total Algo holdings) to cover potential tax liabilities stemming from staking/participation.

**Previous communications about Algorand:**

Linked below are all previous posts USV has written regarding Algorand:

- [Algorand](/content/writing/2018/02/algorand/index.html) (Feb 15, 2018)
- [Algorand Launch](/content/writing/2019/06/algorand-launch/index.html) (Jun 19, 2019)
- [Algorand Economic Improvement Proposal](/content/writing/2019/09/algorand-economic-improvement-proposal/index.html) (Sep 6, 2019)
- [USV Algorand Transparency Statement, Q4 2019](/content/writing/2019/10/usv-algorand-transparency-statement-q4-2019/index.html) (Oct 14, 2020)