“Cypherpunk Technologies boosted its zcash bet with a $28 million token purchase, lifting its holdings to 1.7% of ZEC’s circulating supply.”, — write: www.coindesk.com
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 holds roughly 1.76% of zcash’s circulating supply.
The firm’s cost average is $334.41, making it one of very few digital asset treasury companies that are in the black following a broad crypto market correction since October. ZEC has bucked that trend, and has risen 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 is repricing the societal importance of privacy.”
Cypherpunk’s latest move follows a $18 million zcash purchase disclosed in November.
CYPH shares, which rose 11% to $1.31 on Tuesday, were recently about 1.5% lower in pre-market trading.
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The health sciences company, co-founded by the English football icon, announcement comes as the crypto’s market capitalization continues to lose ground.
- Prenetics has halted its bitcoin purchasing strategy due to a prolonged downturn in the cryptocurrency market.
- The company will focus its resources on its IM8 business, which has generated over $100 million in annualized recurring revenue.
- Prenetics will retain its existing 510 bitcoins as a reserve asset, valued at nearly $45 million.
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