Cypherpunk Applied sciences, a Nasdaq-listed agency backed by Tyler Winklevoss, expanded its Zcash treasury after buying 56,418 ZEC for roughly $29 million, the corporate mentioned on Tuesday.
The acquisition was executed at a mean worth of $514 per coin, lifting Cypherpunk’s whole holdings to 290,062 ZEC. This represents about 1.8% of Zcash’s circulating provide, putting the corporate greater than a 3rd of the best way towards its said aim of accumulating 5% of whole provide. The newest acquisition follows a pullback in each ZEC costs and Cypherpunk’s shares for the reason that agency’s Nasdaq debut and shift towards a crypto-focused treasury mannequin.
Cypherpunk outlined its Zcash-centered technique in November, after rebranding from biotech agency Leap Therapeutics and securing a $58.9 million funding from Winklevoss Capital. Zcash, like bitcoin, has a capped provide of 21 million cash, with roughly 16.5 million presently in circulation, a characteristic the corporate cites as central to its treasury strategy.
ZEC has declined from ranges close to $650, whereas Cypherpunk’s inventory has fallen from practically $3 to round $1.20. Regardless of the downturn, the corporate reaffirmed its plan to proceed growing its ZEC holdings and to discover investments tied to privacy-preserving applied sciences.
Supply: Official assertion from Cypherpunk Applied sciences
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