Cypherpunk Technologies (CYPH), a digital asset finance company backed by the Winklevoss twins, said it bought $28 million in privacy coin zcash bringing its total holdings to 290,062 ZEC ($152 million).
The Nasdaq-listed company said in a press release on Tuesday that it bought 56,418 tokens at an average price of $514.02 per token and now has about 1.76% of zcash’s circulating supply.
The firm’s cost average is $334.41, making it one of very few digital assets in the black following a broad crypto market correction since October. ZEC has bucked this trend, rising more than 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 reiterates the societal importance of privacy.”
Cypherpunk’s latest move follows an $18 million zcash purchase announced in November.
CYPH shares, which rose 11% to $1.31 on Tuesday, were recently about 1.5% lower in premarket trading.
