Winklevoss-backed Cypherpunk adds $29 million in ZEC, lifts holdings to nearly 2% of supply

Cypherpunk Technologies (CYPH), a Nasdaq-listed firm supported by Gemini co-founder Tyler Winklevoss, has significantly increased its Zcash (ZEC) treasury by acquiring over $29 million worth of the cryptocurrency. This purchase of 56,418 ZEC at an average price of $514 per coin brings Cypherpunk's total holdings to 290,062 ZEC, which represents approximately 1.8% of Zcash’s circulating supply. The company is executing a strategy unveiled in November to accumulate 5% of the total ZEC supply, viewing privacy-focused assets as a long-term hedge against bitcoin. Despite the recent purchase occurring during a period of cooling ZEC prices and a sharp decline in Cypherpunk's stock price since its Nasdaq debut, the firm remains committed to expanding its ZEC position while also exploring other privacy-preserving technology investments.

(Source：The Block)