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.

## 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 (e.g., a cold storage account, an account dedicated to the [staking rewards program](http://algorand.foundation/stakingrewards), a trading account, etc.).

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 roughly 90% of our current Algo holdings. We have sold a percentage of our rewards Algos to cover potential tax liabilities stemming from staking, participation and bonus programs. Our sales to-date amount to less than 10% of our potentially sellable holdings, and less than 2% of our total holdings, including unvested Algos. As it turns out, we have subsequently revised down the estimate of our tax liability. In light of this change over 50% of our selling in Q3 wound up being in excess of tax related selling.

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

- [Algorand](/content/writing/2018/02/algorand/https://www.usv.com/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/https://www.usv.com/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)
- [USV Algorand Transparency Statement, Q1 & Q2 2020](/content/writing/2020/07/usv-algorand-transparency-statement-q1-q2-2020/index.html) (Jul 1, 2020)