Cypherpunk Technologies (CYPH), a digital asset treasury firm backed by the Winklevoss twins, said it purchased $28 million in zcash privacy coin. bringing its total holdings to 290,062 ZEC ($152 million).
The Nasdaq-listed company said in a Tuesday press release that it purchased 56,418 tokens at an average price of $514.02 per token, and now owns approximately 1.76% of the circulating supply of zcash.
The company’s average cost is $334.41, making it one of the few digital asset treasury companies that are in the black following a broad crypto market correction since October. ZEC has bucked that trend and is up over 1,200% since September amid a positive shift in investor sentiment around privacy coins.
“We continue to execute on our goal of accumulating 5% of the Zcash network,” chief investment officer Will McEvoy said in the statement, adding that the company is “well positioned for a market that is reevaluating the societal importance of privacy.”
Cypherpunk’s latest move follows an $18 million zcash purchase revealed in November.
CYPH shares, which rose 11% to $1.31 on Tuesday, recently fell about 1.5% in premarket trading.
