Cypherpunk Technologies, a Nasdaq-listed firm backed by Tyler Winklevoss, expanded its Zcash treasury after acquiring 56,418 ZEC for approximately $29 million, the company said on Tuesday.
The purchase was executed at an average price of $514 per coin, lifting Cypherpunk’s total holdings to 290,062 ZEC. This represents about 1.8% of Zcash’s circulating supply, placing the company more than a third of the way toward its stated goal of accumulating 5% of total supply. The latest acquisition follows a pullback in both ZEC prices and Cypherpunk’s shares since the firm’s Nasdaq debut and shift toward a crypto-focused treasury model.
Cypherpunk outlined its Zcash-centered strategy in November, after rebranding from biotech firm Leap Therapeutics and securing a $58.9 million investment from Winklevoss Capital. Zcash, like bitcoin, has a capped supply of 21 million coins, with roughly 16.5 million currently in circulation, a feature the company cites as central to its treasury approach.
ZEC has declined from levels near $650, while Cypherpunk’s stock has fallen from nearly $3 to around $1.20. Despite the downturn, the company reaffirmed its plan to continue increasing its ZEC holdings and to explore investments tied to privacy-preserving technologies.
Source: Official statement from Cypherpunk Technologies
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