Winklevoss-backed Cypherpunk buys $28 million of zcash, now owns 1.7% of supply
TL;DR
Cypherpunk, backed by the Winklevoss twins, purchased $28 million worth of zcash, increasing its holdings to 290,062 ZEC (1.76% of supply) with a cost basis of $334.41 per token, positioning it for gains amid a 1,200% price surge since September.
Key Takeaways
- •Cypherpunk bought 56,418 ZEC at $514.02 each, totaling $28 million, bringing its holdings to 290,062 ZEC worth $151.9 million.
- •The firm's cost average is $334.41 per token, making it profitable despite recent crypto market corrections.
- •ZEC has risen over 1,200% since September due to increased investor interest in privacy coins.
- •Cypherpunk aims to accumulate 5% of the Zcash network, citing the growing importance of privacy in the market.
What to know:
- Cypherpunk bought 56,418 ZEC at an average price of $514.02, bringing total holdings to 290,062 ZEC worth about $151.9 million, or roughly 1.76% of circulating supply.
- With a cost basis of $334.41 per token, Cypherpunk is among the few digital asset treasury firms sitting on unrealized gains after the recent market slide.
- ZEC has risen by more than 1,200% since September amid renewed investor interest in privacy coins.
- Cypherpunk bought 56,418 ZEC at an average price of $514.02, bringing total holdings to 290,062 ZEC worth about $151.9 million, or roughly 1.76% of circulating supply.
- With a cost basis of $334.41 per token, Cypherpunk is among the few digital asset treasury firms sitting on unrealized gains after the recent market slide.
- ZEC has risen by more than 1,200% since September amid renewed investor interest in privacy coins.
Cypherpunk Technologies (CYPH), a digital asset treasury firm backed by the Winklevoss twins, said it bought $28 million worth of privacy coin zcash ZEC$527.25, taking its overall holdings to 290,062 ZEC ($152 million).
The Nasdaq-listed company said in a Tuesday press release that it purchased 56,418 tokens at an average price of $514.02 per token, and now holds roughly 1.76% of zcash's circulating supply.
The firm's cost average is $334.41, making it one of very few digital asset treasury companies that are in the black following a broad crypto market correction since October. ZEC has bucked that trend, and has risen more than 1,200% since September amid a positive shift in investor sentiment around privacy coins.
“We continue to execute on our goal of accumulating 5% of the Zcash network,” chief investment officer Will McEvoy said in the statement, adding that the company is "well positioned for a market that is repricing the societal importance of privacy."
Cypherpunk’s latest move follows a $18 million zcash purchase disclosed in November.
CYPH shares, which rose 11% to $1.31 on Tuesday, were recently about 1.5% lower in pre-market trading.
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