Cypherpunk Technologies Inc. announced a significant expansion of its corporate treasury by acquiring an additional 56,418.09 ZEC for approximately $29 million.
The company's total Zcash holdings now stand at 290,062.67 ZEC, representing 1.76% of the total circulating network supply.
The acquisition is part of Cypherpunk's goal to accumulate 5% of the Zcash network.
Expansion of Treasury Holdings
Cypherpunk purchased 56,418.09 ZEC for $29 million, increasing its total Zcash holdings to 290,062.67 ZEC.
Strategic Acquisition Strategy
The company aims to accumulate 5% of the Zcash network to capitalize on the market's focus on privacy.
Statement from CIO
Will McEvoy, CIO of Cypherpunk, highlighted the importance of the company's Zcash strategy for future growth.
- Cypherpunk's Zcash position growth positions it well for the evolving market values on privacy.
- The company's expansion into privacy-preserving technologies aligns with market trends and societal shifts.
Cypherpunk's strategic acquisition of ZEC demonstrates its commitment to building long-term shareholder value and participating in the development of Zcash and cancer therapies.