Cypherpunk Technologies Expands Zcash Holdings with $28 Million Purchase
- Cypherpunk Technologies (CYPH) acquired $28 million in zcash (ZEC), increasing total holdings to approximately 290,062 ZEC valued at $152 million.
- The firm purchased 56,418 tokens at an average price of $514.02 each, now holding about 1.76% of zcash’s circulating supply.
- Cypherpunk’s average cost per token is $334.41, positioning it positively amid a broader crypto market correction since October.
- Zcash has surged over 1,200% since September, reflecting a favorable shift in investor sentiment towards privacy coins.
- The company aims to accumulate up to 5% of the Zcash network, according to Chief Investment Officer Will McEvoy.
This purchase follows a previous acquisition of $18 million in zcash disclosed in November and indicates Cypherpunk’s strategy to capitalize on the growing importance of privacy in digital assets.
With this latest investment, Cypherpunk now holds a significant portion of zcash’s supply and continues its objective of becoming a major player in the privacy coin market.(Source)
