Cypherpunk Technologies purchased 56,418 ZEC for $29 million, raising its treasury to 290,062 ZEC, roughly 1.76% of the circulating supply. The firm aims to reach 5% of the total network.
The purchase was made at an average price of $514 per token, adding to a total position acquired at an average of $334. The operation strengthens Cypherpunk’s presence in Zcash and its control over the privacy assets it manages.
Will McEvoy, Cypherpunk’s CIO, stated that the company seeks to reinforce its influence in the network and continue accumulating ZEC while expanding its privacy initiatives. The firm focuses on technologies that protect data and provide anonymity, primarily solutions directly related to Zcash and other privacy platforms.
ZEC trades around $536, with a market capitalization of $8.83 billion and 0.30% market dominance. With this purchase, Cypherpunk secures part of Zcash’s supply and consolidates its ability to act within the ecosystem.
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