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