Cypherpunk Technologies (CYPH), a digital asset treasury firm backed by Gemini founders Cameron and Tyler Winklevoss, said it added $18 million in Zcash. to your balance sheet.
The company revealed that it purchased 29,869 tokens at an average price of $602.63, increasing its total holdings to 233,644 ZEC, with a current value of approximately $150 million. The purchase followed the company’s initial $50 million investment. Collectively, the company now controls around 1.43% of the total circulating supply of Zcash.
Cypherpunk has positioned itself as a digital asset treasury company focused on what it calls the “censorship-resistant” asset at a time when investor interest in privacy coins appears to be rekindling. Zcash is a privacy-focused cryptocurrency that uses zero-knowledge proofs to protect transaction details.
ZEC is up more than 10% in the last 24 hours to $640, outpacing the 1% drop in the market benchmark CoinDesk 5. With the latest gains, the token has advanced 140% over the past month, while most of the broader crypto market suffered declines.
After the Zcash rally, the company is around 120% profitable on paper with an average cost basis of $291 per token.
