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Quick take:
The purchase brings Cypherpunk’s total Zcash holdings to 290,062.67 ZEC, valued at about $152 million and representing an estimated 1.76% of the total circulating network supply.
The acquisition follows a series of strategic purchases over the preceding months as the company looks to accumulate 5% of the Zcash network.
Will McEvoy, CIO of Cypherpunk, said the company will continue to execute a Zcash strategy while expanding its work across a broader set of privacy-preserving technologies.
Cypherpunk, the privacy-focused technology company backed by the Winklevoss twins, has acquired an additional 56,418.09 ZEC tokens for approximately $29 million at an average price of $514.02 per ZEC, according to a press release seen by NFTgators.
The purchase brings Cypherpunk’s total Zcash holdings to 290,062.67 ZEC, valued at about $152 million and representing an estimated 1.76% of the total circulating network supply. It follows a series of strategic purchases over the preceding months as the company looks to accumulate 5% of the Zcash network.
“We continue to execute on our goal of accumulating 5% of the Zcash network,” said Will McEvoy, CIO of Cypherpunk. “As our Zcash position grows, we are well-positioned for a market that is repricing the societal importance of privacy. We are excited to continue executing on our Zcash strategy while expanding our work across a broader set of privacy-preserving technologies and initiatives.”
Cypherpunk’s purchase comes at a time when digital assets treasury companies (DATs) appear to be approaching the sector more cautiously amid the current crypto winter. It is one of the first digital asset treasury companies to establish a portfolio anchored with Zcash.
The Zcash price is down 4.53% to about $507 since the announcement on Tuesday.
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